Eqecat doubles Sandy industry estimate to $10bn-$20bn
The P&C industry once again faces the spectre of "unmodelled losses" after cat modeller Eqecat said it now expects insured losses of $10bn-$20bn from Superstorm Sandy.
This is double its initial estimate of just three days ago.
The firm put out a modelled loss estimate of $5bn-$10bn insured losses and total economic damage of $10bn-$20bn as the storm headed for landfall on Monday (29 October).
But in its latest "post-landfall" projection, Eqecat said insured losses would be in the range...
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