The insurance industry was not prepared for Hurricane Katrina, which caused over $75 billion in insured losses (in 2012 dollars). For Hurricane Sandy, it's a far different story. While the overall economic damage has yet to be calculated, insured losses are estimated at only $10 billion, ranking it as the 7th or 8th most costly hurricane. According to the Insurance Information Institute, the insurance industry was in a very strong financial position at the beginning of the hurricane season. Claims for catastrophes like hurricanes and earthquakes are down over 40 percent in 2012 compared to last year's $32 billion.
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