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Industry losses from Sandy would need to reach $50 billion in order to materially erode reinsurers’ capital base, according to an analysis by Standard & Poor’s.

While most current estimates fall near or below $20 billion, S&P says there is still much uncertainty as to what the final loss number will be. For one thing, the ratings agency says some market participants believe loss amounts could be 30-50 percent higher than estimated due to insurers’ inability to enforce hurricane deductibles in some states.

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