Sandy floods may cause huge losses: Fitch

The Pak Banker - - Front Page -

CHICAGO: Global rat­ing agency Fitch says Hur­ri­cane Sandy’s ef­fects are be­ing felt across the en­tire coast­line of the Mid-At­lantic re­gion, up through New Eng­land and into in­land ar­eas as far as the Great Lakes area. EQECAT, Inc.’s ini­tial in­sured loss es­ti­mate is be­tween $5 bil­lion-$10 bil­lion, with eco­nomic dam­ages of ap­prox­i­mately $10 bil­lion-$20 bil­lion. At the low end, losses from Hur­ri­cane Sandy would roughly equal losses gen­er­ated by Hur­ri­cane Irene, which struck the East Coast in Au­gust 2011. How­ever, due to the wide­spread na­ture of the storm, it will take some time for catas­tro­phe mod­el­ing firms and lo­cal loss ad­justers to ac­cu­rately es­ti­mate in­sured losses.

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