Insurers have complained that they face billions of dollars of extra losses after US authorities declared superstorm Sandy a post-tropical cyclone rather than a hurricane.
The lower classification of the storm, which ravaged parts of New York, New Jersey and the US north-eastern seaboard last month, will benefit homeowners at the cost of their insurers. Had the storm been declared a hurricane, householders would have had to bear a greater proportion of their rebuilding costs.
Dinos Iordanou, chief executive of insurance group Arch Capital, said that the move would push losses up by as much as 50 per cent. Industry estimates put losses as a result of Sandy at $10bn-$20bn.
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