Irene's Impact: Costs Estimated $7 Billion, $3 Billion Insured

CNBC this afternoon reported that Hurricane Irene's economic impacts are likely to reach $7 billion, of which only $3 billion are covered by insurance. Out of 10 extreme weather events this year each costing a billion dollars or more, Irene ranks second or third.

Worldwide, the first 6 months of 2011 have already broken the record for natural disaster losses.