Marine insurance market's losses from Sandy could hit $3B, group says

03/22/2013 | Business Insurance (tiered subscription model)

The marine insurance industry's losses from Hurricane Sandy are estimated at $2.5 billion to $3 billion, canceling out the industry's total premiums last year, according to the International Union of Marine Insurance. "Some severe major losses hit several lines of marine insurance business in 2012," Ole Wikborg, the group's president, said in a statement. "Although the claim frequency and cost are beyond our control, we're going to do our part to turn it for the better in 2013."

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