Time: Hurricane Sandy cost the U.S. some $70 billion in direct damages and lost economic output. This is, obviously, a lot of money -- Sandy was the second most expensive hurricane in U.S. history after a small tropical storm called Katrina. Much of that cost was borne by the government -- local, state and federal -- and some of it was absorbed by those of us who lived in the storm`s path. But about $20 billion to $25 billion of the damage from the storm was eventually covered by the insurance industry....