While the insurance industry reports loses from hurricane Sandy at about $20B, NY region Congressmen lament about the pain their constituents are feeling and cast aspersions at an uncaring Republican led House, they forget to mention that the pork filled bill is more than DOUBLE the estimated Losses.
They are using their constituents as a Trojan Horse to hide yet again,billions in pork to connected contributors. This while we have just concluded the Fiscal Cliff Legislation with No spending cuts and contemplate the Debt Limit!
Sounds to me that Congress is back to their old tricks and don’t give a damnn about their constitutiencies or the debt load to present and future generations.
Insurance Losses from Sandy to be $20 Billion or More
Published January 08, 2013
Dow Jones Newswires
The insurance industry will likely post losses totaling $20 billion or more from Hurricane Sandy, as losses reported so far reached $16 billion to $17 billion, Fitch Ratings said.
That estimate would put the total industry loss just below the high end of the range of the most recent insured losses estimated by third-party catastrophe modelers, the ratings firm said.
Fitch added that the complexity of assessing the losses from such a large and intense storm over such a large area–particularly when evaluating the impacts of flooding and business interruption claims–has created uncertainty in estimating total insurance losses from Sandy. With that in consideration, insurance companies were unable to report credible loss estimates until almost two months after the storm hit on Oct. 29.
Due to the size and nature of Sandy, a larger proportion of losses were incurred from commercial lines versus personal lines, Fitch said. Primary writers with substantial Northeast catastrophe exposures are incurring the most significant losses, with reinsurers taking a more reduced, although still meaningful, share.
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