As the Market Opens, Insurance, Utilities Face Huge Bills [VIDEO]

By DailyFinance  OCT 31, 2012 10:10 AM

Property and auto insurers such as State Farm, Allstate, and Berkshire Hathaway could take a hit. One estimate says the industry could be on the line for up to $10 billion in damages.

 


Trading resumes after a two-day break for Sandy. Insurance companies may have to pick up billions of dollars in losses. Property and auto insurers such as State Farm, Allstate (NYSE:ALL), and Berkshire Hathaway (NYSE:BRK.A) could take a hit. One estimate says the industry could be on the line for up to $10 billion in damages.

Utilities face a huge bill for the clean-up and getting customers back on-line. ConEd (NYSE:ED) in New York says it suffered the worst damage in its history. There’s also PSE&G, Exelon (NYSE:EXC), and others.

For more, click on the image below to play the Daily Finance Market Minute video.

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