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.

Click here to read the article in its entirety.

Cleanfax Staff

Cleanfax provides cleaning and restoration professionals with information designed to help them manage and grow their businesses.

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