Filed Under:Markets, Reinsurance

New York MTA Says Insurers on Hook for Excess $1B

Damage to MTA NYC Transit system at South St. Ferry (Source: MTAPhotos)
Damage to MTA NYC Transit system at South St. Ferry (Source: MTAPhotos)

New York City’s Mass Transit Authority is giving a loss estimate of $5 billion of which private insurers should kick-in more than $1 billion.

In a presentation at a board meeting dated Nov. 28 MTA officials say while it is “too early to have more than highly provisional estimates” the authority says it has infrastructure damage of $4.75 billion and operating loss, comprising lost revenue and increased operating costs, of $268 million.

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