October 30, 2012
Risk model: Sandy to cost insurers up to $10B
One disaster tracking company estimates the potential cost of Hurricane Sandy to the insurance industry at up to $10 billion with damages ranging from $10 to $20 billion.
Those figures from disaster-modeling company Eqecat would make Sandy the fifth-most expensive hurricane, according to the Bangor Daily News.
Brent Cross, executive VP of the Bangor-based Cross Insurance, told the paper that his company is prepared to weather those costs of the storm and that his company has not inked any new policies in the immediate lead-up or aftermath of the storm.
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