Sandy Damage Estimate Raised to as Much as $50 Billion (BusinessWeek)

November 1, 2012 – Superstorm Sandy caused as much as $50 billion in economic damage, with about $10 billion to $20 billion of insured losses, more than double previous estimates, said Eqecat Inc., a provider of catastrophic risk models. Major failures of electric and utility systems, which caused business interruptions, spurred the company to increase its estimate for insured losses, it said today in a statement. Subway and tunnel outages also led to “higher expectations of loss amplifications,” the report said. Eqecat, which has offices in Hackensack, New Jersey, and Oakland, California, had estimated damages of as much as $20 billion, including $5 billion to $10 billion of insured losses, in an Oct. 30 report. The company later today will release additional details, including state-by-state damage calculations, Charlene Goodwin, an Eqecat vice president, said in an e-mail. Some of the analysis will be based on news footage of the Jersey Shore, Eqecat President Bill Keogh said in an interview yesterday.

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