Catastrophe modeler Eqecat has updated its insured-loss estimatefor Superstorm Sandy—and if the firm is correct, the storm will beknown as one of the five costliest U.S. hurricanes.

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Eqecat says insured losses will total $10 billion to $20billion, which could make Sandy the third-costliest U.S. storm everfor insurers—behind only 2005's Katrina ($46.6 billion) and 1992'sAndrew ($22.9 billion).

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Any actual insured loss within Eqecat's new rangewould make Sandy one of the Top 20 global naturalcatastrophes since 1970.

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Total economic damage from Sandy will be in the range of$30 billion to $50 billion, Eqecat says.

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The latest estimate doubles Eqecat's pre-landfall insured-lossestimate from Sandy of between $5 billion and $10 billion, withtotal economic losses of $10 billion and $20 billion.

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The firm says power outages are expected to “triggersignificantly more insured losses (business interruption) than wereexpected from a more typical Category 1 storm,” and the shut-downof the subway and tunnels in New York City will lead to higherexpectations of loss amplification.

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Catastrophe modeling firm AIR Worldwide says “Superstorm” Sandywill cause between $7 billion and $15 billion in insuredlosses.

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The estimate includes wind and storm-surge damage toresidential, commercial and industrial properties and contents, aswell as automobiles. Additionally, the estimate includes additionalliving expenses and business interruption. It also takes intoaccount demand surge.

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