FOR IMMEDIATE RELEASE New York Press Office: (212) 346-5500; email@example.com
NEW YORK, October 22 2014 —Reporters doing stories on the second anniversary of Superstorm Sandy can contact the Insurance Information Institute for statistics and analysis.
Sandy, which made landfall on October 29, 2012 as a post-tropical cyclone near Atlantic City, New Jersey, caused an estimated $18.75 billion in insured property losses ($19 billion in 2013 dollars), making it the third most costly U.S. storm, according to ISO’s Property Claim Services (PCS).
At about $9.65 billion and $6.30 billion respectively, New York and New Jersey suffered the largest losses from Sandy. Some 1.58 million claims were filed across a total of 15 states and in the District of Columbia.
While there were more personal claims from Sandy—1,129,000 versus 193,000 for commercial claims—insured losses were greater among commercial policyholders (e.g., business interruption) at $8.9 billion versus $7.1 billion for personal claims (e.g., property damage, additional living expenses). Auto claims accounted for $2.7 billion in losses.
The $18.75 billion figure excludes the insured flood losses covered by the federal government’s National Flood Insurance Program (NFIP). The NFIP to date has paid out $7.72 billion on 127,900 Sandy flood claims.
To arrange a media interview with an insurance expert, contact the I.I.I.’s media department at 212-346-5550.
The I.I.I. offers the following resources on Sandy, hurricanes, disaster preparedness and insurance:
Facts and Statistics
THE I.I.I. IS A NONPROFIT, COMMUNICATIONS ORGANIZATION SUPPORTED BY THE INSURANCE INDUSTRY.
Insurance Information Institute, 110 William Street, New York, NY 10038; (212) 346-5500; www.iii.org