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. Mutual insurer State Farm, meanwhile, has not reported estimated losses; instead, the company released the total number of claims reported as 110,198 home and 17,843 auto.
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