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XL Group CEO Michael S. McGavick believes that Superstorm Sandy will not be a capital event for the insurance industry, but he does think it will change the industrys perception of risk in the Northeast.

Expectations that catastrophe bond investors will not lose money as a result of superstorm Sandy have been shaken by an estimate that losses for insurers from the Oct. 30 storm will top $20 billion.

After being conveyed by an insurance executive, an insured-loss estimate of up to $25 billion from Superstorm Sandy is confirmed by catastrophe modeler RMS.

After being conveyed by an insurance executive, an insured-loss estimate of up to $25 billion from Superstorm Sandy is confirmed by catastrophe modeler RMS.

Investors who brought a specialist bond designed to protect Swiss Re from natural disaster claims will not lose money over superstorm Sandy, rating agency Moody's said.

Australias QBE Insurance Group has joined a number of carriers who believe Superstorm Sandy could cause more insured losses than catastrophe modelers have predicted.

While catastrophe modelers are still revising their insured-loss estimates for Superstorm Sandy, one thing looks certain: It will rank among the costliest U.S. hurricanes ever.

XL Group's chief executive says Superstorm Sandy will not be a capital event for the insurance industry, but he does think it will change the industry's perception of risk.