Oct 29 Hurricane Sandy is likely to cause
insured losses of $5 billion to $10 billion and economic losses
of $10 billion to $20 billion, disaster modeling company Eqecat
said on Monday.
The company may update the estimate later this week, a
spokeswoman said, depending on actual impacts after Sandy makes
landfall, which is expected to occur late Monday or early
Even at the low end of the Eqecat estimate, Sandy would rank
as one of the worst hurricanes in history by insured losses.
Last year's Hurricane Irene, by comparison, caused about $4.3
billion in insured losses.
Before Eqecat released its estimate, most Wall Street
analysts were expecting insured losses of around $5 billion,
which they said the industry could easily handle.