Global insurance company American International Group (AIG) says insurers’ costs from Hurricane Sandy will be similar to costs brought on by Hurricane Irene last year.

AIG CEO Robert Benmosche said at a conference in Chicago on Monday that Sandy will be "Irene, plus or minus something.” He noted the costs will be nothing near those incurred by the tsunami that struck Japan last year.

AIG said that it took about 574 million U.S. dollars in catastrophe costs in the third quarter of last year alone when Irene hit the northeast part of the U.S. in August last year.

Investment company Sterne, Agee and Leach Research said that Hurricane Irene caused five billion dollars, or five-point-four trillion won, in insured losses.