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Contractors Likely To Win, Insurance Carriers Lose As Isaac Approaches

By On August 25, 2012 Under Uncategorized

Isaac is Becoming a Growing Threat to the US

The ninth named storm of the 2012 hurricane season, Issac is creating a lot of worry and anxiety for residents in southern Florida and Georgia. The current movement of the system and all model tracks are steering Issac west over the next 48 hours. The official National Hurricane Center’s track brings Issac as a Category 2 hurricane to near Cuba by Sunday. The latest models put the center of Isaac right over Tampa, Florida Monday night. This is not good news for that city as the Republican National Convention starts Monday wherein tens of thousands of visitors will be swamping Tampa.

While Isaac is not even a hurricane yet, it is already causing cruise ship lines to change their itineraries. Cruises heading out of Miami and Fort Lauderdale are changing their plans and instead of heading to the eastern Caribbean will be visiting the western Caribbean this weekend. Isaac is also making national headlines in the US as it churns its way through the Caribbean. The system is expected to strengthen and cross Haiti and Cuba before possibly arriving on the southwest coast of Florida Monday. Rick Scott, governor of Florida said Thursday that his state is taking every precaution to be ready for Issac and also stated that the Sunshine State is more prepared than any state in the US for hurricanes.

By mid-afternoon Thursday, the tropical storm was abut 160 miles south of San Juan, Puerto Rico and was on a westerly track moving at under 20 miles per hour. The tropical storm is packing winds of 40 miles per hour, down from 45 miles per hour earlier. Issac must have sustained winds of at least 74 miles per hour in order to be categorized as a hurricane. If Isaac veers off course and moves into the Gulf of Mexico after leaving Cuba, it very well could pick up strength as it enters the warm waters of the Gulf. The longer the system remains over open water in the Gulf, the greater the risk that it will intensify.

Many forecasters are predicting that the storm will go ashore somewhere between Mobile, AL and Pensacola, FL. If that happens, it will pose a direct threat to oil and gas production across the eastern portion of the Gulf of Mexico. Thus far, some personnel on offshore oil rigs and gas production platforms are being evacuated. Meanwhile, the 10th named storm of the 2012 hurricane season, tropical storm Joyce formed Wednesday in the Atlantic. That system is currently packing winds of 40 miles so forecasters now have two tropical storms to monitor. Joyce is currently between the Lesser Antilles and the Cape Verde Islands.

While the storm may be good news for contractors in Florida, hurriane cleanup and repair companies, the news will not be as good for the Insurance Industry and ultimately could lead to an uptick with premiums and costs in the near future.

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