Data provided by iNet BFA
Loading...
See More

Insurer puts Sandy claims at $700m

Dec 17 2012 13:39 AFP

Homes damaged by Superstorm Sandy (Mark Lennihan, AP)

Related Articles

Wall St back in business after storm

NYSE to test contingency plan

Oil dives as storm lashes US east coast

US exchanges shut down before hurricane

No fuel as NY pumps run dry

US storm damage set to cost $20bn

 
Zurich - Swiss insurer Zurich Insurance Group said on Monday that Superstorm Sandy had hit it with claims worth about $700m.

"It's difficult to say exactly how much the final amount will be. It could be a bit higher or a bit lower (but) usually our estimates are good," Sylvia Gaeumann, a spokesperson for the insurer said.

She explained that the actual amount of claims was higher than $700m, but that the insurer was partially shielded through reinsurance coverage, which had kicked in.

This however meant that Zurich Insurance Group would need to renew its reinsurance contract, which was expected to cost an extra $58m before tax, the company said.

The estimated costs would be recorded in the company's fourth quarter and full-year results, which will be published on February 14, it said in a statement.

Zurich Insurance Group was not hit so hard as its compatriot Swiss Re, which late last month put its exposure to Sandy at about $900m.

Earlier this month, US President Barack Obama asked for $60.4bn in emergency funds to repair devastation after the storm, which flooded the New York subway system and knocked out electricity for hundreds of thousands of people.

The floods and wind also destroyed or damaged hundreds of thousands of homes, schools and hospitals, and created chaos in fuel supplies after refineries and gas stations were damaged. 

Follow Fin24 on Twitter, Facebook, Google+ and Pinterest.

superstorm sandy
NEXT ON FIN24X

 
 
 

Read Fin24’s Comments Policy

24.com publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
0 comments
Add your comment
Comment 0 characters remaining
 

Company Snapshot

We're talking about:

Small Business

A cash flow crunch often occurs in small businesses trying to balance cash coming in with cash going out. Watch this video to help you improve.
 
 

Where can you stash your cash?

Fin24 user Tinashe Guramatunhu presents a review of the best way to invest a windfall or bonus.

 
 

Start saving...

Where can you stash your cash?
Time the key for retirement saving
Dummy's guide to saving
Save money with affordable account

Money Clinic

Money Clinic
Do you have a question about your finances? We'll get an expert opinion.
Click here...
Loading...