It is still very early in the damage assessment process to have a clear picture of the impact on the marine and energy insurance markets.
It is worth noting that there is not a significant concentration of onshore and offshore energy assets in the path of Hurricane Sandy, unlike what was in the path of Hurricanes Katrina and Rita.
Clearly there is significant power interruption and possibly refinery related downtime.
The estimate from Eqecat and informal estimates from around the market put insured losses at $10 billion to $20 billion and economic losses of $30 billion to $50 billion in total.
For energy specifically, we do not view this as a market changing event at this time. Marine will require a bit more time for assessment.