Damage CNN Estimates Vary, But Multibillion Dollar Losses Certain

The risk modeling and consulting firm Equecat, based in Oakland, Calif., estimated late last night that Hurricane Sandy will have resulted in roughly $5 billion in insured losses, and about $10 billion in total economic damages. Both numbers could fluctuate significantly (CNN was suggesting damages could be as high as $15 billion; and Equecat's own Web site was still describing impacts of $10 billion to $20 billion in total damages, with between $5 billion and $10 billion in insurance losses this morning).

The uncertainty stems in part, of course, from Sandy's sheer girth, which continues to send driving winds and massive power outages deep into the heartland, including in Ohio and north into Toronto, Ontario. If the early estimates hold, however, they will put the storm on par with the devastation wrought by last year's Hurricane Irene, which ultimately caused about $16 billion in damages and roughly $5.5 billion in insurance losses