$8B Sandy Claims Would Exhaust US Flood Insurance, CFA Says

Law360, New York (November 5, 2012, 4:40 PM EST) -- Flood claims from Hurricane Sandy are expected to cost the National Flood Insurance Program at least $8 billion, far above the roughly $4 billion the government-backed insurance program can currently pay, according to the Consumer Federation of America.

According to the consumer group, Hurricane Sandy will give rise to 200,000 claims for wind damage and an additional 200,000 claims for flood damage. Disaster modeling agency Eqecat has estimated that Sandy will cause up to $50 billion in total economic losses, with about $20 billion of that...
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