Insured losses attributable to Superstorm Sandy will exceed $20 billion, according to an update from Fitch Ratings, and based on loss estimates from individual companies totaling $16 to $17 billion so far, or just below insured loss estimates from third-party catastrophe modelers.
Credible loss estimates have been difficult to create due to the size of the affected areas, particularly with respect to flooding and business interruption claims, which has contributed to the uncertainty in estimating losses. Several larger insurers still had not reported estimated losses at the time of the report’s publication, which could add another $5 billion or more in losses. The size and duration of Sandy also means that commercial lines suffered larger proportional losses than personal lines.
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