Too many important variables remain unknown to be able to come up with a reliable estimate of insured losses from Superstorm Sandy, says catastrophe modeler Risk Management Solutions (RMS).
“Issues continue to tickle the meter in terms of insured losses; this is an ongoing event,” Michael Kistler, director of Model Solutions at RMS, tells PC360. “Our goal is to produce a stable, usable number for the industry to use.”
RMS' Hoboken, N.J. office is experiencing firsthand effects of Sandy. Most of the small city across the Hudson River from New York City remains without power and some residents are still stranded. Train service from Hoboken to New York—counted on by thousands—remains out of service. Flood waters are just beginning to recede. Businesses remain closed.
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