Search
 

PCS: $11B for Sandy Losses, but Estimate Expected to Rise

U.S data aggregator Property Claims Service (PCS) is putting insured losses from superstorm Sandy at $11 billion, which currently leaves catastrophe bond investors safe from losses - but experts say the figure is likely to rise.

By Sarah Mortimer, Reuters | Updated on November 26, 2012
A worker enters the Heartland Brewery at New York's South Street Seaport, as bags of garbage from the Superstorm Sandy cleanup sit out front. (AP Photo/Tina Fineberg)

Editor’s note: As PCS estimates insured losses at $11 billion, catastrophe modeler AIR Worldwide has revised its insured-loss estimate upward to between $16 billion and $22 billion. AIR’s previous estimate was between $7 billion and $15 billion.

LONDON (Reuters) – U.S data aggregator Property Claims Service (PCS) is putting insured losses from superstorm Sandy at $11 billion, which currently leaves catastrophe bond investors safe from losses – but experts say the figure is likely to rise.

Want to continue reading?
Become a Free
PropertyCasualty360 Digital Reader.

INCLUDED IN A DIGITAL MEMBERSHIP:

  • All PropertyCasualty360.com news coverage, best practices, and in-depth analysis.
  • Educational webcasts, resources from industry leaders, and informative newsletters.
  • Other award-winning websites including BenefitsPRO.com and ThinkAdvisor.com.

Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Recommended Stories

PropertyCasualty360

Join PropertyCasualty360

Don’t miss crucial news and insights you need to make informed decisions for your P&C insurance business. Join PropertyCasualty360.com now!

  • Unlimited access to PropertyCasualty360.com - your roadmap to thriving in a disrupted environment
  • Access to other award-winning ALM websites including BenefitsPRO.com, ThinkAdvisor.com and Law.com
  • Exclusive discounts on PropertyCasualty360, National Underwriter, Claims and ALM events

Already have an account? Sign In Now
Join PropertyCasualty360

Copyright © 2024 ALM Global, LLC. All Rights Reserved.