State Of Emergency Issued For New Jersey, Voluntary Evacuations For Jersey Shore

Tyler Durden's picture

And so the Irene-induced state of emergency pronouncements start trickling in. First, New Jersey Governor Chris Christie signed a state of emergency order and urged people at the Jersey Shore to leave voluntarily by mid-day tomorrow as Hurricane Irene approaches the Northeast. The governor, in a briefing with reporters, said he was considering a mandatory evacuation of the Jersey Shore area. Following this news is the announcement by the US coast guard which issued a hurricane alert for Long Island sound. But the biggest losers? Insurance companies: both Chubb and Allstate CDS have spiked on expectations this hurricane could be a doozy in claim terms (although we urge readers to check their hurricane insurance: many times the deductible is far higher if the damage is caused by a Hurricane than a Tropical Storm: alas, this may be a saving grace for some insurance cos). What would be amusing is if the biggest loser out of today, now that BAC is threatening to close read for the day, is Berkshire's insurance empire.