NEW YORK—Verisk's Property Claim Services (PCS) unit has increased its insured-loss estimate from Superstorm Sandy to $18.75 billion, with a large majority of losses felt in New York and New Jersey.
Speaking at the Extreme Weather Insurance Risk Management Congress organized by American Business Conferences on Jan. 23, Alex Korb of Verisk Analytics says about $16 billion in insured losses can be traced to New York and New Jersey—about $9.6 billion from the Empire State and about $6.3 billion from the Garden State.
The estimate of insured losses includes personal and commercial property as well as personal and commercial auto, says Korb, a manager at Verisk who focuses on corporate development and the insurance-linked securities marketplace.
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