Potential insurance and reinsurance implications of Hurricane Sandy
Hurricane Sandy wreaked havoc on the East Coast of the US. When it struck land, Sandy was approximately 950 miles wide. The storm is estimated to have caused between $30 billion and $50 billion in economic damage. Approximately $10 billion to $20 billion of that is expected to be borne by insurance carriers. New York City Mayor Michael Bloomberg reported that Sandy caused upwards of $19 billion worth of damage to the nation’s most populous city. Of an estimated $8.6 billion in private losses, $3.8 billion will likely fall on insurers.
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