Estimates of the economic losses caused by Hurricane Sandy earlier this week reached $50 billion as experts assessed the costs of severe property damage, shut-down subways and power outages.
On Thursday, Eqecat Inc. said it expects storm-related losses to fall between $30 billion and $50 billion. Of that, $10 billion to $20 billion will be insured, according to the firm, which calculates estimates for insurers.
Earlier this week, Eqecat had said that damages could reach $20 billion, with up to $10 billion in insured losses.
Several governors of affected states have declared this week that homeowners will not have to pay hurricane deductibles on insurance claims, reasoning that Sandy was not a hurricane when it made land.
New York Gov. Andrew M. Cuomo said in a statement that such deductibles typically range from 1% to 5% of a home’s insured value -- up to $15,000 for a house insured for $300,000.
