Insured damages from Sandy estimated as high as $20 billion

sandy-destruction2

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.

Follow Cleanfax Staff

Related Posts

Share This Article

Join Our Newsletter

Expert Videos

Popular Content

Screenshot

Concrete Wars: Go to Battle With Ameripolish on Your Side

CoreLogic Straighttalk 800

Efficiency Meets Innovation: CoreLogic Revolutionizes Water Damage Restoration With Mitigate

ServiceMonster

ServiceMonster: All-in-One Client and Job Management Platform Built for Carpet and Floor Cleaners

Masters in Restoration Pricing & Documentation

Masters in Restoration Pricing & Documentation: How to Turbocharge Your Restoration Project Strategies

Erin Hynum

Revolutionizing Restoration: Introducing the DryMAX XL Pro Dehumidifier

Polls

Has the increase in remote work made booking residential cleaning appointments easier than before the COVID-19 pandemic?

View Results

Loading ... Loading ...