If a Category 3 hurricane struck New York's Long Island coast it would create a $50 billion insured loss, a modeling firm executive said she has told regulators.
Karen Clark, AIR Worldwide president and chief executive officer, said she also advised them that approximately one-quarter of the $100 billion in total economic losses from such a scenario would be attributable to storm surge damage to property.
Ms. Clark said in a statement she had given the results of the AIR study that analyzed the potential impact of a major hurricane on the New York City metropolitan area to the four regulators who concluded a two-day National Catastrophe Insurance Program Summit meeting in Burlingame, Calif., yesterday.
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