Canadians Wade into Sandy Losses With Their Own Computer Models, and the Insurance Information Institute (III) Estimates Too.
Aon Benfield, based in Canada, estimates that as of May, 2013 the known and predicted losses from Sandy include "$72 Billion in total economic loss". "Aon Benfield's cat modeling arm" estimates that total "insured losses" included in that amount "are estimated to be $30 billion. The $30 Billion estimate of the Cat Modelers includes roughly $7.2 billion" in Flood Insurance payouts. "$72 billion in total economic loss from Hurricane Sandy: Aon Benfield" in "Daily News" posted online on May 14, 2013 by Canadian Underwriter.ca.
The industry publication reports from Canada on a confusing and apparently competing array of facts. The apparent conclusion is that Sandy may not trigger Hurricane Deductibles. On the other hand, the computer modelers are reportedly convinced that (excluded) flood and surge caused much more damage than (covered) wind perils.
The Insurance Information Institute reported in "The Topic" online in July, 2013 regarding "Catastrophes: Insurance Issues". The III posting announced a much lower estimate of insurance claims at that time as a result of Sandy, in the amount of $18.8 Billion, nearly half of the estimated Canadian Underwriter amount in May, 2013, cited above. Total Sandy damage was also reported by the III in its post as of July, 2013 at $50 Billion, a figure clearly less than the estimated $72 Billion in total economic loss, above.
Like the Canadian source discussed above, however, the III too concludes that most of the claimed Sandy damage is excluded and otherwise not covered under homeowner's policies or commercial policies purchased by small businesses. Insurance Information Institute, "Catastrophes: Insurance Issues / THE TOPIC JULY 2013," posted online at http://www.iii.org/issues_updates/catastrophes-insurance-issues.html#at_pco=cfd-1.0.
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