As the magnitude of the losses from Hurricane Sandy became apparent shortly after the storm, questions immediately began to circulate as to why the losses were so high and whether this event would be the “new normal.” Five years after Sandy, Hurricanes Harvey, Irma and Maria have confirmed those fears.
According to the 2018 Allianz Risk Barometer, in 2017 there was approximately $330 billion in overall losses from natural catastrophes. At least $90 billion of that total was from the three category 4+ hurricanes — Harvey, Irma, and Maria — that wreaked havoc in September, making 2017 the costliest season on record.
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