Superstorm Sandy is now the third costliest storm in U.S. history, the Insurance Information Institute says.
I.I.I. says insurance companies will pay out an estimated $18.8 billion in claims to their policyholders, ranking it behind Hurricane Katrina in 2005 ($48.7 billion in 2012 dollars) and Hurricane Andrew in 1992 ($25.6 billion).
Insurance regulators in New Jersey and New York—the two states hardest-hit by Sandy—report insurers have settled 93 percent of the claims they received in the wake of Superstorm Sandy.
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