Superstorm Sandy tops 2012 insurance claims

(AP) A leading insurance company says natural disasters cost the industry $65 billion last year and that Superstorm Sandy accounted for nearly two-fifths of the total.

However, Munich Re AG said Thursday total insured losses from natural catastrophes were down from a record $119 billion in 2011, when devastating earthquakes in Japan and New Zealand cost the industry dear.

The company said total economic costs in 2012 from natural disasters including uninsured losses amounted to $160 billion, compared with the previous year's $400 billion.

Sandy was blamed for at least 120 deaths when it battered eastern coastline areas at the end of October. New York, New Jersey and Connecticut were the hardest-hit states.

Munich Re estimated insured losses from Sandy at $25 billion and total losses at $50 billion.