The new number from risk modeling firm Eqecat is five times higher than its initial forecast, which I cited in a post on Tuesday about the potential losses from the superstorm. Insurance will cover as much as $20B of the economic losses, four times more than it envisioned before the storm hit land. Electric and utility losses were “significantly” higher than normal from “a more typical category 1 storm,” the company says. The damage to New York area subways and roadway tunnels also caught forecasters by surprise. Yesterday the firm said that Sandy struck the region of the country “with the highest population and GDP contribution.” But while the losses are high on an absolute basis, Equcat says they’re relatively low “as a portion of the underlying economy and asset base.”
Hurricane Sandy Economic Losses Now Estimated To Go As High As $50B
What's Hot on Deadline
Harvey Weinstein On 'The Imitation Game,' Best Picture Dissing, Sony Hack, Netflix And Quentin Tarantino
PGA Awards: 'Birdman' Wins Top Film Prize, 'Breaking Bad' Takes Drama Trophy & 'Orange Is The New Black' Nabs Comedy
More From Lieberman
- Would A Hollywood Deal With Alibaba Be Cause For Alarm Or Elation?
- Viacom’s Philippe Dauman Made $44.3M In 2014, +19.3%
- Wall Street Wonders: Can DreamWorks Animation Survive Another Failure?
- Sony Says Hack Will Delay Financial Report; Calls Impact “Not Material”
- DreamWorks Animation Restructuring To Cut 500 Jobs With $290M Charge
- PwC Taps Martha Ruiz To Help Oversee Oscar Results