Insured loss estimate from Irene rises to $4.3 billion

An insurance industry service that tracks catastrophe losses has sharply raised its estimates for August’s Hurricane Irene, projecting insured property damage of $4.3 billion from the first hurricane to hit the United States in three years. The Insurance Services Offices Inc.’s Property Claim Services unit, which bases its estimates on confidential insurer surveys and its own database of houses across the country, raised its estimate by nearly 18% from its previous report in late September.