Insurers count the cost of Superstorm Sandy

City A.M. Reporter
Two British insurers this morning said they would take a combined hit of around $300m (£185m) from Superstorm Sandy.

Insurer Amlin estimated its losses from Sandy at around £145m while rival Lancashire estimated a hit of between $40m and $60m, both companies said today. Yesterday, the Lloyd’s of London insurance market said that Sandy claims could cost up to $2.5bn.

Sandy killed 132 people as it hit the north-eastern US on 29 October. It is expected to cost the insurance industry up to $25bn, making it the second-costliest storm after Hurricane Katrina in 2005.

Amlin added that its profits shouldn’t be affected by the losses from Sandy, as there has been a “low level of major catastrophe losses” so far this year.