Lloyd’s of London insurer Catlin has warned it is still too early to work out the cost of Hurricane Sandy because of its “sheer size and complexity”.
Experts say the Hurricane, which hit North America last month, is likely to cost the industry up to $20 billion (£12.6 billion).
Australian insurer QBE became the first company to reveal its exposure to the disaster today when it said it faced $350 million to $450 million in claims.
However, Catlin was more cautious, warning that the cost would only become clear over the next few months. “Like the New Zealand earthquake, Japanese earthquake/tsunami and Thai floods in 2011, existing catastrophe models are unlikely to predict the quantum of insured damage with a high degree of certainty,” it said in a statement.
Catlin said the revenues it received from insurance premiums rose by 11% to $4.1 billion during the first nine months of the year. The results were driven by a 27% growth in its United States business, where premiums reached $848 million.
