AXA Says Estimated Losses in Chelsea Are Around $40 Million

According to GalleristNY, Christiane Fischer, president and CEO of AXA Insurance, which represents some 300 clients in the area has said in a press release, “Our estimated losses in Chelsea stand at $40 million.” AXA insures around $1 billion worth of art in Chelsea. Fischer went on to say, “The magnitude of the situation is completely manageable for AXA Art and we were totally prepared to handle such a challenge. Fortunately, our clients took a lot of preventative action before the storm hit the region. In addition, AXA Art was able to start the recovery actions as early as the morning after the storm.” This number, however, is not representative of the total loss of Chelsea art galleries, since some use other insurance providers.