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Boeing delivers C-17 to RAF
NEW YORK, Sept. 22 (UPI) -- Insurance companies expect to pay $1 billion for Hurricane Isabel damage but that isn't expected to cause rate hikes, the Wall Street Journal said Monday.
Despite continuing power outages and other storm-related problems in some Eastern states, the estimated financial cost of Isabel will probably be well behind the costliest hurricanes in U.S. history. It could bring the insurance industry's 2003 catastrophe losses to as much as $8.6 billion this year, according to the Insurance Information Institute.
That is already well ahead of the $5.8 billion in catastrophe losses for all of last year and ahead of the $7.4 billion in total catastrophe losses in 2001, a total that excluded the Sept. 11 terrorist attacks.
In addition to Isabel, insurers were hit by a bad spate of tornadoes in the Midwest in the spring, which are estimated to have caused about $3.13 billion in losses.
"We consider ourselves fortunate compared to what this storm could have been," said Robert Hartwig, the group's chief economist.
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PERTH, Australia, May 22 (UPI) --
Australia has scrapped the planned $8.8 billion expansion of the Abbot Point coal terminal in Queensland.
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TEL AVIV, Israel, May 22 (UPI) --
Israel's Rafael Advanced Defense Systems is developing a "hard kill" defense for helicopters against surface-to-air missiles, part of the air force new doctrine to counter advanced SAMs being acquired by Iran, Syria, Hezbollah and the Palestinians.
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Like housing markets overall, the market for luxury homes is growing tighter as the spring buying progresses. Though still a buyer's market, the ILHM Luxury Housing Report for last week shows a pattern of rising prices and fewer days on market since...
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What if Europe turned out to be the new Japan?
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