Superstorm Sandy to Cost Reinsurer Swiss Re $900M
Reinsurance company Swiss Re estimates that claims stemming from the destruction caused by Superstorm Sandy will cost the company about $900 million.
The Swiss company also estimated Monday that total losses from insured damages will total between $20 billion and $25 billion.
Superstorm Sandy last month hit the Caribbean and the Bahamas before making landfall on the U.S. East Coast, where it caused havoc, inflicting extensive damage and killing scores of people.
Reinsurance firms such as Swiss Re provide coverage to insurance companies for great losses stemming from events like natural disasters.
Copyright 2024 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
Popular Today
- T-Mobile’s Network Breached as Part of Chinese Hacking Operation
- PE Firm Cornell Sued Over $345 Million Instant Brands Dividend
- US High Court Declines Appeal, Upholds Coverage Ruling on Treated Wood
- Fake Bear Attacks on Car for Fraudulent Insurance Claims Lead to Arrests
Popular This Month