Post-Landfall Loss Estimates for Superstorm Sandy Released
Post-Landfall Loss Estimates - Hurricane Sandy - November 1, 2012
Source: EQECAT, Inc.
EQECAT released post-landfall estimates based on latest observations for Superstorm Sandy. On 10/29/12, EQECAT issued its initial pre-landfall loss estimates for Hurricane Sandy.
EQECAT's post-landfall estimates are as follows:
- Insured Losses: $10 - 20 Billion
- Total Economic Damage: $30 - 50 Billion
A number of factors have influenced our revised estimates, including:
Large electric and utility losses will trigger significantly more insured losses (business interruption) than were expected from a more typical category 1 storm.
Subway outage (and roadway tunnels) will be leading to higher expectations of loss amplification.
Continuation of discovery produces more remaining "unknowns" to produce better certainty in the losses.
EQECAT wishes those affected by Hurricane Sandy a safe and steady recovery. EQECAT will continue to monitor this event and provide updates as appropriate.