Insurers Bruised, not Battered by Sandy

 Friday, December 28, 2012

 Insurance Networking News

As the rubble settles along the U.S. Northeastern coastline devastated by superstorm Sandy, insurers continue to offer initial estimates of their losses. Sandy, a deadly 1,000-mile wide storm that took the lives of 132 people as it swept up the Northeastern seaboard in late October, is expected to cost insurers up to $25 billion in total losses. By these estimates Sandy is being classified as the second-costliest storm after hurricane Katrina in 2005. AIG and Allstate have already estimated their Sandy losses at $1.3 billion and $1 billion respectively, while Swiss Re, the world’s No. 2 reinsurer, reported that it expects to pay out $900 million.