Hurricane Sandy Expected to be in Top 5 of Most Expensive Hurricanes

Hurricane Sandy is expected to become one of the top 5 most expensive hurricanes in history according to Eqecat, a disaster-modeling company. Hurricane Sandy easily appears to have caused more losses than last year’s Hurricane Irene, but final totals will take some time due to the scale of the disaster. Sandy left millions without power, caused widespread flooding that has shut down the NYC subway system for days, destroyed property, and has taken the lives of numerous people throughout the east coast.

RMS, one of the three primary firms used by the insurance industry to calculate disaster exposures, predicted that Sandy would cause anywhere from $5 billion to $10 billion in insured losses, and from $10 billion to $20 billion in economic losses. If RMS is correct, Sandy would rank fifth on the list of most expensive hurricanes, based on inflation-adjusted losses, according to the Insurance Information Institute. A better picture will develop within the next few days as insurers get their catastrophe teams into the most affected areas and begin making projections on how much damage was actually done.


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