Since Sandy made landfall as a post-tropical cyclone on 29th October 2012, in southern New Jersey, catastrophe modelling firm AIR Worldwide has been analysing the storm’s characteristics and impacts.
Informed by the latest available information on surge height and extent from the USGS, surface wind speed observation data, and findings from AIR’s post-disaster survey teams, AIR now estimates that insured losses from Sandy will be between US$16 and 22 billion.
AIR estimates include wind and storm surge damage to onshore residential, commercial and industrial properties and their contents, automobiles, and time element coverage (additional living expenses for residential properties and business interruption for commercial properties).
“The significant increase in estimated losses from AIR’s estimate issued on October 30, the day after Sandy’s landfall, is driven primarily by an increase in estimated losses from storm surge damage,” said Dr. Tim Doggett, principal scientist at AIR Worldwide. “This, in turn, is driven by a reassessment of the percentage of flood losses that will actually be paid, as well as an improved storm surge footprint run against high-resolution industry exposure information.”
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