90 percent of $18.8B Sandy-related claims settled
Storm was third costliest in US history
More than 90 percent of Hurricane Sandy-related insurance claims from New York and New Jersey have been settled, Reuters reported. The $18.8 billion in total claims generated makes the storm the third-costliest in United States history, according to trade group Insurance Information Institute.
Only 2005’s Hurricane Katrina and 1992’s Hurricane Andrew were more expensive than Sandy, in inflation-adjusted terms. In the storm’s wake, there was speculation that Sandy could surpass Andrew, but that was not the case.
The real estate industry also took a serious pummeling from the storm, as The Real Deal reported, but the aftermath may lead to a construction and housing boom.
More than half of the 1.5 million claims registered were in New York and New Jersey, the industry trade group said. The figures exclude flood damage, which is expected to be in the billions. [Reuters via NYP] –Hiten Samtani