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VALUE AT RISK

Who’s going to pay the bill for Hurricane Sandy? Look to Aunt Agnes

By Quartz Staff


A link from MuniLand

To figure out the risks of Hurricane Sandy, a member of the Lloyds of London insurance syndicate looks to a historical database. The most comparable storm is 1972’s Hurricane Agnes, which caused $19 billion of damage after adjusting for inflation. Private insurers can expect to bear $5-$10 million of the final cost, according to actuarial firms, with the government, companies and private citizens picking up the rest.