Australia's QBE Insurance Group has joined a number of carriers who believe Superstorm Sandy could cause more insured losses than catastrophe modelers have predicted.
Modeler Eqecat has released two insured loss estimates for Sandy—one before it made landfall when it said losses would be up to $10 billion. Several days later, Eqecat doubled its initial loss estimate to up to $20 billion.
QBE Group CEO John Neal says the insurer “supports the analysis that suggests the insured losses from this storm could exceed $20 billion.”
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