Eqecat estimates insured damages from Sandy between $10B and $20B
Reprints
Catastrophe modeling firm Eqecat Inc. issued its post-landfall estimates for Superstorm Sandy on Thursday, pegging insured losses at between $10 billion and $20 billion, and total economic damage between $30 billion and $50 billion.
On Monday, Eqecat pre-landfall loss estimates of insured losses of $5 billion and $10 billion and total economic damage losses of between $10 billion and $20 billion. The company said it revised the estimates upward for several reasons.
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, Eqecat said.
Read Next
-
U.S. companies hustle to re-staff, reopen after Sandy
(Reuters) — After Hurricane Sandy devastated the East Coast, companies scrambled on Tuesday to assess the damage and figure out how to staff up as soon as possible.
