While property/casualty insurers and reinsurers are unlikely to see major effects on their credit from Hurricane Sandy, the storm confronted the industry with unexpected risks, according to a Standard & Poor's report. Many carriers have had difficulty determining their exposure to losses from the storm because nonstandard policy wordings and other factors have led to complexity in flood, business-interruption and infrastructure claims, the ratings firm said. Losses from the storm may reduce insurers' earnings this year, but are not expected to erode capital, S&P added.

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