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Sandy Insurer Loss May Be $22 Billion, AIR Worldwide Says

Sandy, the superstorm that made landfall in New Jersey last month, may cost insurers between $16 billion and $22 billion, modeling firm AIR Worldwide said.

The figures compare with an estimate of between $7 billion and $15 billion made on Oct. 30, the day after the storm struck, and reflects higher-than-predicted losses from storm surge, the modeler said in an e-mailed statement.

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