The Insurance Journal reports that fine art insurers may face claims of up to $500 million to compensate owners of artwork destroyed when last October's Storm Sandy flooded New York galleries. This will be the art insurers' largest payout ever and could wipe out a year's worth of revenues, causing prices to increase. Storm Sandy is expected to cost the insurance industry a total of $25 billion, making it the second costliest storm after Hurricane Katrina in 2005.
