ALBANY, N.Y. —
Reinsurance company Swiss Re showed the extent of private sector pain. It estimates that claims stemming from Sandy will cost the company about $900 million and that total losses from insured damage will be between $20 billion and $25 billion.
Reinsurance firms provide coverage to insurance companies for great losses stemming from events like natural disasters.
Other states are seeking federal assistance, too. FEMA has already paid out nearly $250 million in New Jersey, where Gov. Chris Christie says the preliminary damage estimate is $29.4 billion and could rise.