Insured losses in all affected U.S. states and Caribbean regions are estimated to be $20 billion to 25 billion, according to a statement released by the Property Casualty Insurers Association of America, which acknowledged New York Attorney General Eric Schneiderman’s efforts to help homeowners recover from Sandy. This would rank Sandy among the top three most destructive hurricanes in U.S. history.
In the first 90 days following Superstorm Sandy, private insurers have paid more than three-fourths (76 percent) of the more than 321,000 homeowners and auto insurance claims submitted. This data excludes claims covered by the National Flood Insurance Program, individuals who did not have flood insurance or individuals who wanted to file for disaster assistance funding from the Federal Emergency Management Agency (FEMA) but needed a declination letter from their insurer.
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