Hurricane Sandy could become one of the top 10 most expensive hurricanes in US history, according to analysts.
Disaster modelling company Eqecat, used by the industry to forecast storm exposure, said Sandy is likely to cause anywhere from $5 billion to $10 billion in insured losses - some of the largest losses the global insurance industry has faced this year.
Hurricane Irene, which hit the US last year, cost the insurance industry $4.3 billion.
However, Morgan Stanley analyst Gregory Locraft said today, "With $500 billion-plus of capital ... we expect the [property and casualty] industry is once again well prepared to pay all Frankenstorm insured losses".
A housing crisis loomed in New York City as victims of superstorm Sandy struggled without heat in near-freezing temperatures.
Victims of superstorm Sandy on the East Coast of America are struggling against the cold among fuel shortages and power outages.
The New York marathon has been cancelled in the aftermath of superstorm Sandy, Mayor Michael Bloomberg has announced.