Eqecat: Sandy Damage Could Reach $50B  Fri, 11/02/2012 - 10:10am
Matthew Craft, AP Business Writer  Widespread power outages and
subway shutdowns may wind up making Superstorm Sandy the second
most expensive storm in U.S. history, according to the
forecasting firm Eqecat. That would rank it right behind
Hurricane Katrina.  Eqecat said Thursday that the damage from
the storm will likely be far worse than it previously predicted,
largely a result of Sandy hitting the most densely populated
area in the country.  The firm doubled its previous estimate for
the total bill and now says Sandy may have caused between $30
billion and $50 billion in economic losses, including property
damage, lost business and extra living expenses. The cost to
insurance companies could run as low as $10 billion and as high
as $20 billion.  The new numbers square with an earlier estimate
from IHS Global Insight. IHS said Sandy could cause about $20
billion in property damages and between $10 billion and $30
billion in lost business.  Th