Hurricane Sandy Estimated To Cost $10 Billion
Catastrophe modelling firm EQECAT said initial economic damage estimate for Hurricane Sandy are expected to be around $10 billion dollars.
“Damages to insured properties from Sandy will endure over several days, beginning now and extending into Wednesday as Sandy slows and persists over southern and central Pennsylvania,” a statement from EQECAT said.
“Observations of past events lead to the expectation of a widespread incidence of relatively low levels of damage. The damage (and ensuing insured losses) are likely to be distributed over a broad set of insurance companies, generally by market share.”
The island is home to numerous re/insurers and Bermuda companies are expected to be impacted by the Hurricane.
