The Swiss Re Global Cat Bond Price Index dropped by 2.5 percent to 93.27 over the course of last week, reflecting uncertainty in the secondary bond market over the impact of Hurricane Sandy.This, after a 0.4 percent slide the week before the storm hit to 95.69 on Friday 26 October, as Sandy moved away from the Caribbean toward the US.The company’s other cat bond performance index, the SwissRe Cat Bond Performance Total Return index was off 2.41 percent to 233.80.The indices track secondary market pricing movements for all cat bonds. This is the first time in a number of months both indices have declined. It’s rare for both the price return index and the total return index to drop in a single week and industry watchers say the decline is unexpected given the recent state of the cat bond and ILS market. Many say it can only be attributed to Hurricane Sandy.US and Bermudian property and casualty (P&C) re/insurance stocks also fell across the board on Friday as investors reacted to worsening Sandy loss estimates.American International Group (AIG) shares led the way, falling 7.2 percent to $32.68. Other losers included XL Group, down 2.68 percent to $24.01, Ace, down 1.06 percent to $77.50 and Berkshire Hathaway (B shares), down 0.86 percent to $86.93.