Insured damages from Sandy estimated as high as $20 billion
NEW YORK — Eqecat Inc. has issued post-landfall estimates for Superstorm Sandy, putting losses at between $10 billion and $20 billion, according to Business Insurance.
The catastrophe modeling firm also estimated the total economic damage from the storm to fall between $30 billion and $50 billion, the article stated.
According to the article, last Monday the firm was projecting insured losses of $5 billion and $10 billion, but revised estimates due to several factors.
“The large electric and utility losses will trigger significantly more business interruption claims than were expected from a more typical Category 1 storm. Likewise, the outage of New York City’s subway and roadway tunnels will lead to loss amplification,” said Eqecat.
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