Filed Under:Claims, Catastrophe & Restoration

Fitch: Industry Can Handle Sandy Losses, and Then Some

Damage to a home in Staten Island, N.Y. after Superstorm Sandy (Credit: Mark Ruquet, PC360)
Damage to a home in Staten Island, N.Y. after Superstorm Sandy (Credit: Mark Ruquet, PC360)

In the wake of Superstorm Sandy, Fitch Ratings service released a report saying that even if losses were to reach Katrina proportions, the industry would still be positioned to handle it and post a statutory profit.

During a conference call today, Fitch Analyst Jim Auden says that a week-and-a-half after the storm, “tremendous uncertainty” remains about what the ultimate amount of insured loss will be. He notes that catastrophe modelers have put a top figure estimate of $20 billion on the event.

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