![]() ![]() Less Insurance in Sandy’s Hardest-Hit Areas This blog will discuss some of the factors behind the declining flood insurance take-up rates and how this gap is putting more exposure at risk of uninsured flood losses. Such events typically lead to more insurance take-up – but, strangely, this hasn’t been the case for Sandy. Tail risk events such as Sandy are often a wake-up call to the insurance marketplace, as citizens are directly confronted with the consequences of extreme natural catastrophes. Sandy also caused the New York Stock Exchange to close for two consecutive business days, which last happened in 1888 due to a major winter storm. Sandy's impact on major metropolitan areas caused widespread interruption to businesses and to critical water and power services. ![]() The economic damage according to the National Oceanic and Atmospheric Administration (NOAA) was approximately US$82 billion (adjusted for the consumer price index), and the human cost was at least 159 deaths in the U.S. As Sandy made its final landfall along the coast of southern New Jersey, it produced record-breaking waves, devastating storm surge, and floods in New York and New Jersey. The timing was also very unfortunate as the hurricane struck at the local high tide, and a night with a full moon led to a higher-than-normal spring tide.Īn extra 9 feet (2.7 meters) of storm surge added to this extra high tide. On landfall, wind gusts between 85 and 95 miles per hour (137 and 153 kilometers per hour) hit the New Jersey coast. Powered by the high-altitude jet stream, a “blocking high” forced the hurricane vortex to suddenly make a sharp turn left. This evolution saw Sandy grow both in size and in strength to reach Category 2 status early on October 29, with storm-force winds extending over 1,150 miles (1,850 kilometers). The system then underwent a complex evolution over the Bahamas and grew significantly, and it continued to grow despite previously weakening into a tropical storm. Sandy made its first landfall in Jamaica as a Category 1 hurricane on October 24 and it strengthened to a Category 3 hurricane as it made landfall in Cuba a day later, before weakening into a tropical storm. ![]() It remains one of the most destructive, deadly, and costly natural catastrophes in U.S. Superstorm Sandy, made its second landfall as a post-tropical storm in Brigantine, a city just north of Atlantic City, New Jersey, at around 8 p.m. It has been 10 years since Hurricane Sandy, a.k.a. ![]()
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