Superstorm Sandy will likely become the third most costly hurricane in U.S. insurance history—but when examining historical storms using today's dollars and exposures it would fall to the 12th costliest storm, the Insurance Information Institute says.
In a presentation posted on I.I.I.'s website, initially given at Midwestern Actuarial Forum in Chicago, I.I.I. Chief Economist Steve Weisbart projected Sandy insured losses to hit $20 billion, based on estimates of catastrophe-modeling firms and reported losses as of Jan. 12. That would place Sandy behind 1992's Hurricane Andrew ($25.6 billion in insured losses) and ahead of 2008's Hurricane Ike ($13.4 billion). All of those storms are dwarfed by 2005's Katrina ($48.8 billion).
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