Insured US storm losses $8.5b to $18.3b: Experts
WASHINGTON (AFP) - Insured losses from the massive superstorm Sandy that battered the US East Coast could run between US$7 billion and US$15 billion (S$8.5 billion - S$18.3 billion), catastrophe modeler AIR Worldwide said on Tuesday.
AIR said the damages were akin to much more intense hurricanes, because of the gigantic size of Sandy and its collision with another huge front sweeping in from the west, wreaking havoc over a much broader area than other megastorms.
AIR's estimates included wind and storm surge damage to onshore residential, commercial and industrial properties and their contents, automobiles and insured losses related to things like business interruption for companies forced to shut down.
Sandy, rated only a category one hurricane, was nearly twice the size of the devastating Category 3 Hurricane Katrina of 2005, AIR said.