Filed Under:Risk Management, Loss Control

Sandy Set to Be 3rd Costliest Hurricane, but Storms of the Past Offer Perspective

Heavy machines place pilings into the sand Tuesday, Feb. 19, 2013, in Seaside Heights, N.J., where workers have begun rebuilding the boardwalk that was destroyed by Superstorm Sandy. (AP Photo/Mel Evans)
Heavy machines place pilings into the sand Tuesday, Feb. 19, 2013, in Seaside Heights, N.J., where workers have begun rebuilding the boardwalk that was destroyed by Superstorm Sandy. (AP Photo/Mel Evans)

Superstorm Sandy will likely become the third-costliest hurricane in U.S. insurance history, but when examining historical storms using today’s dollars and exposures, Sandy would fall to the 12th costliest storm, says the Insurance Information Institute.

In a presentation posted on I.I.I.’s website, initially given at Midwestern Actuarial Forum in Chicago today, I.I.I. Chief Economist Steve Weisbart projected Sandy insured losses to hit $20 billion, based on estimates of catastrophe-modeling firms and reported losses as of Jan. 12. That would place Sandy behind 1992’s Hurricane Andrew ($25.6 billion in insured losses) and ahead of 2008’s Hurricane Ike ($13.4 billion). All of those storms are dwarfed by 2005’s Katrina ($48.8 billion).

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