18 Dec 2012

$US700m Sandy cost for Zurich Insurance

8:35 am on 18 December 2012

Zurich Insurance Group has received claims worth about $US700 million following superstorm Sandy in the United States.

The Swiss company said on Monday it was difficult to say exactly how much the final amount will be.

A spokeswoman AFP that the actual amount of claims was higher than $US700 million, but the company was partially shielded through reinsurance coverage.

AAP reports Zurich Insurance Group was not hit so hard as Swiss Re, which put its exposure to Sandy at about $US900 million late last month.

Earlier this month, President Barack Obama asked Congress for $US60.4 billion in emergency funds to repair damage from the storm.