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Zurich Insurance Estimates $700M in Superstorm Sandy Claims

Zurich Insurance Group logoZurich Insurance Group
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Zurich Insurance Group said Superstorm Sandy generated claims of about $700 million, though the final amount may be slightly higher or lower. The insurer said it was partly shielded by reinsurance that has already kicked in, requiring renewal with an expected extra cost of about $58 million before tax. The costs will be recorded in its fourth-quarter and full-year results released Feb. 14.

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