Superstorm Sandy to cost reinsurer Swiss Re $900m

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Associated Press

Posted on November 26, 2012 at 12:01 PM

Updated Monday, Nov 26 at 12:34 PM

GENEVA (AP) — Reinsurance company Swiss Re estimates that claims stemming from the destruction caused by Superstorm Sandy will cost the company about $900 million.

The Swiss company also estimated Monday that total losses from insured damages will total between $20 billion and $25 billion.

Superstorm Sandy last month hit the Caribbean and the Bahamas before making landfall on the U.S. East Coast, where it caused havoc, inflicting extensive damage and killing scores of people.

Reinsurance firms such as Swiss Re provide coverage to insurance companies for great losses stemming from events like natural disasters.

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