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Editor’s note: Hemant Shah is CEO and president of catastrophe modeler Risk Management Solutions.

Superstorm Sandy was an extraordinary weather event, particularly given the destruction produced by its large storm surge in relation to the wind damage. Two weeks following the event, RMS issued its first and only estimate: insured losses would fall between $20 billion and $25 billion. So what goes into producing loss estimates and what have we learned about the art of post-event loss estimation from previous events?

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