Hiscox: Superstorm Sandy cost estimated 90m pounds in claims

International specialist insurer Hiscox has today announced an estimate for the impact of Superstorm Sandy.

Although considerable uncertainties still exist around the impact of Superstorm Sandy, the insurer said that based on an insured market loss of $20bn, it estimates net claims of approximately £90m.

Superstorm Sandy hit parts of North America and Canada in October causing destruction of buildings and infrastructure.

Twice a year Hiscox publishes its expected losses for modelled catastrophes including exposure to US windstorm.

The insurer stated that the estimate was within the published range, and was within Hiscox's overall budgeted loss expectations for the year.

MF