Beazley expects $90 mln loss from Sandy

Reuters, Friday 14 Dec 2012

Lloyd's of London insurer Beazley expects a net loss of $90 million from superstorm Sandy which ravaged New York and New Jersey in October.

The British insurer's estimated loss was based on market losses of around $20 billion and the majority of claims being covered by catastrophe margins, it said on Friday.

Beazley expects a full-year 2012 combined ratio in the low 90s per cent , it also said.

Sandy is forecast to have caused insured losses of up to $25 billion, a figure that excludes flood losses insured by the U.S. federal government and not by private industry.

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