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EQECAT: Up to $10B in Insured Losses Due to Sandy

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    EQECAT SVP Tom Larsen on the losses associated with the hurricane.

  • Duration 3:19
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Well in the light of the day businesses are residents are surveying the damage from the storm disaster modeling firm -- look at predicting up to ten billion dollars in insurance losses.

Overall economic damages totaling.

Up to twenty billion at this point.

Those BS -- as we have right now Tom Lawson at the -- senior vice president.

Joins me right now on -- I know Tom that you must be looking at these numbers what you're your haven't a kind of reevaluate everything at now that we see what in frankly Manhattan looks like a particular what do you now.

Well thank you Sheryl.

The blog -- -- we focus on how we develop models for insurers corporations and government -- -- not just understand the damage but the resiliency of the ability to restore operations.

A -- was an extraordinary storm when you talked about it it's just the scope how many houses were affected the type of flooding.

As we try to look for it very deep impact on insurers but to those flooded areas we're in flood zones and and they're not.

Typically -- -- or they're covered by the National Flood Insurance Program which is a government program and non insurance.

Let me ask you as you spoke with -- At -- at spoke to -- my colleagues yesterday was talking about -- comparisons to previous storms and hurricane Andrew particular came up in that discussion.

That in today's dollars about a 4041 billion dollars storm.

Is seems at look at is now saying that sandy will indeed surpass that overall is that still your understanding.

Cindy could reach that it depends what's really happening right now is is how fast and we restore -- we've seen that -- the floodwaters have yet to -- and so we haven't really been able to restore.

A lot of operations.

Well we don't have probably taken out is not white let me ask you this just in your opinion I mean we're not gonna have a subway system.

Frankly -- for days we don't think we've got path trains and out of an Elvis Citi at a New Jersey those are gonna be down seven at ten days as we're being told by city officials I mean.

It must be very difficult to assess those numbers -- come up -- really kind of an overall picture how long you think it will take.

You -- her colleagues to kind of give us -- -- cents.

-- working through the weekend to try to understand completely.

But we're expects a resumption something close to normal by Friday by the end of the week.

OK OK now one thing about property casualty insurance companies -- that's a 500 billion dollar industry obviously.

Those that have insurance will be covered but what about those that are not -- and do you have any kind of -- cameras were talking about with regards to the uninsured.

Losses that we're gonna see from sandy.

Well we'll look at that number that we -- -- twenty billion dollars in economic.

The gap between you ten billion carried by insurers -- that forty billion it's covered by individuals.

And governments.

Part of that is just a sort of a degradation or decay -- things people don't repair everything.

But there will be an awful lot that's paid through deductibles and covered by homeowners that is -- a significant amount of money.

Okay we'll Tom Larsen from equity that we -- -- -- looking forward to getting us and assessments from all of you to find out exactly where we are economically all of the storm -- certainly cause a lot of destruction on the East Coast Tom Larson met -- -- thank you Tom.

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