International insurance companies are expected to cover half of losses from Hurricane Sandy, which currently are estimated at more than $16 billion and could approach $20 billion.
“Hurricane Sandy underscores the important role that international reinsurers play in times of crisis. Global reinsurers are financially strong and have substantial capacity to support U.S. insurance companies as they review their portfolios in light of claims,” said Brad Kading, president and executive director of the Association of Bermuda Insurers and Reinsurers (ABIR), which represent 22 international insurers and reinsurers that derive business from more than 100 countries.
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