Superstorm Sandy will likely become the thirdmost costly hurricane in U.S. insurance history—but when examininghistorical storms using today's dollars and exposures it would fallto the 12th costliest storm, the Insurance Information Institutesays.

In a presentation posted on I.I.I.'s website, initially given atMidwestern Actuarial Forum in Chicago, I.I.I. Chief Economist SteveWeisbart projected Sandy insured losses to hit $20 billion, basedon estimates of catastrophe-modeling firms and reported losses asof 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).

However, even mighty Katrina would be a middle-of-the-packhurricane if some storms from the past occurred today. A 1926hurricane that struck Miami, for example, would cause $125 billionin insured losses today. Another storm that struck mid-Florida in1928 would cause $65 billion in insured losses. Factoring in thesepast storms, Katrina would fall to the sixth-costliesthurricane—tied with a 1915 storm that struck Galveston, Texas andjust ahead of the 1938 Long Island Express that struck parts of NewEngland.

But with the lack of exposures back then compared to those thatexist today, none of those events of the past crack the actual listof top 12 most costly storms. Instead, the current list features 10storms that have occurred from 2004 and later. The only two notfrom that time period are Andrew and 1989's Hurricane Hugo ($7.8billion in insured losses).

After the top four of Katrina, Andrew, Sandy and Ike, the listshows 2005's Wilma ($11.1 billion in insured losses), 2004'sCharley ($9.2 billion), 2004's Ivan ($8.7 billion), Hugo, 2005'sRita ($6.7 billion), 2004's Frances ($5.6 billion), 2004's Jeanne($5.6 billion) and 2011's Irene ($4.4 billion).

On the top 12 list that includes historical storms with today'sexposures, only Katrina, Andrew and Sandy make thecut. 

For his presentation, Weisbart relied in part on research doneby Karen Clark & Co. for the current costs of historichurricanes.