Wider economic losses could reach £3.1bn
Hurricane Sandy could cost property insurers $7bn to $15bn (£4.35bn to £9.32bn), according to catastrophe modelling firm AIR Worldwide.
Rival firm Eqecat said the insured losses could reach $5bn (£3.1bn).
Today Eqecat lowered its initial estimate that insurered losses could reach $10bn (£6.21m).
In a statement, Eqecat said: “Recent events have demonstrated a pattern that approximately half of the economic damages are covered by private insurance companies, with the remainder covered by NFIP (National Flood Insurance Program) or uninsured and borne by the property owners.”
The firm said that wider economic losses could reach $10bn.
Yesterday Fitch Ratings said that most of the losses would be absorbed by primary insurers rather than reinsurers.
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