Insurance Journal » Hurricane Sandy insurance claims

N.J. Gov.: FEMA May Scale Back Hazardous Designations in New Flood Maps

Mon, 25 Mar 2013 16:57:35 +0000

Since shortly after Superstorm Sandy pummeled the Jersey shore last October, homeowners up and down the coast have agonized over whether to raise their homes to survive future storms.And when the federal government issued a revised set of preliminary flood …

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New Maps Put 33K More New Jersey Homes in Flood Zones

Tue, 19 Mar 2013 02:51:00 +0000

New Jersey’s adoption of expanded flood maps in the wake of Superstorm Sandy has put more than 33,000 additional residential buildings in flood zones, a nearly 15 percent increase.The disaster recovery plan announced last week by the Christie administration shows …

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N.Y.-N.J. Port Authority: Sandy Caused $2B in Damage

Mon, 11 Feb 2013 17:58:21 +0000

The Port Authority of New York and New Jersey will spend more than $2 billion to repair damage from Superstorm Sandy, but the agency’s executive director said last week that the ultimate financial impact should be minimal. At its monthly …

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New Maps Show 35,000 More NYC-Area Buildings in Flood Zones

Wed, 30 Jan 2013 15:57:43 +0000

Twice as many homes and businesses in and near New York City would be in flood zones under new maps that may force more property-owners to buy flood insurance, complicate post-Superstorm Sandy rebuilding for some and confront others with the …

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Sandy to Have Only Limited Impact on Insurer Ratings: S&P

Tue, 11 Dec 2012 10:10:38 +0000

Despite uncertainties regarding final loss totals from Hurricane Sandy, Standard & Poor’s Ratings Services said it expects only a limited ratings impact on insurers and reinsurers exposed to such losses, according to a report from the firm’s Ratins Direct service. …

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Post-Sandy Snowstorm Causes New Damage, Complicates Business Insurance

Ben Berkowitz — Thu, 08 Nov 2012 21:10:41 +0000

Businesses in New York and New Jersey that were preparing insurance claims for losses from Superstorm Sandy now have a second headache: how to deal with new losses from an early winter snow storm. The snow and wind from the …

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Superstorm Sandy Stress Scenarios Won’t Impact Insurer Ratings: Fitch

Thu, 08 Nov 2012 19:06:54 +0000

Even an extreme $40 billion scenario for property/casualty insurance industry losses from Hurricane Sandy would not drive material rating changes for insurers, analysts at Fitch Ratings said today. In a report providing a sensitivity analysis of the event for 10 …

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Sandy Losses Within Hurricane Models, Manageable: Reinsurer Hiscox

Mon, 05 Nov 2012 13:49:55 +0000

Superstorm Sandy won’t put insurers’ finances under severe strain, and may allow them to push through a profit-boosting rise in prices next year, Hiscox , the biggest London-listed reinsurer, said on Monday. Sandy killed at least 113 and caused severe …

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Insured, Uninsured Sandy Victims Try to Get Through

Mon, 05 Nov 2012 13:37:00 +0000

Standing in the driveway next to the charred shell of his house on Long Beach, Long Island, with the hood open to his water-logged, brand-new 2012 Subaru Outback, Bill Long heard the words so many in the path of superstorm …

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Some Sandy Victims Wait As Insurance Adjusters Wait for Access, Prioritize Claims

Mon, 05 Nov 2012 13:21:34 +0000

Pat Groover called her insurance company on Tuesday morning, the day after a massive tree gave in to storm Sandy’s winds, ripped the front off a neighbor’s house and pulled siding and gutters off of Groover’s home. The path of …

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Coverage Analysis: Sandy and Contingent Business Income Losses

Christopher J. Boggs — Fri, 02 Nov 2012 16:30:06 +0000

Insureds joined in a mutually beneficial (or even exclusively beneficial) relationship with another business entity rely on the continued operational viability of that “non-related” entity. Their dependence on the goods, services, or mere presence of these external businesses leaves the …

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Controversy Over Hurricane Deductibles May Just Be Beginning

Fri, 02 Nov 2012 12:30:01 +0000

When the National Hurricane Center declared Sandy a “post-tropical storm” just before it made landfall, a lot of homeowners across New Jersey, New York, Connecticut and Maryland may have saved a lot of money. The governors of these states have …

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Hurricane Sandy Losses Should Not Affect Most Insurer Ratings or Premiums: S&P

Wed, 31 Oct 2012 20:13:33 +0000

Standard & Poor’s Ratings Services said it expects Hurricane Sandy to have only limited impact on the ratings on U.S. property/casualty insurers, global reinsurers, and certain catastrophe bonds. Although it anticipate that losses from Sandy will affect (re)insurers’ fourth-quarter earnings …

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Hurricane Sandy Unlikely to Trigger Payouts from Catastrophe Bonds

Tue, 30 Oct 2012 16:08:24 +0000

Investors who have put their money into specialist financial bonds which cover insurance companies from huge natural disasters are unlikely to be hit with big losses from monster storm Sandy even though it is one of the biggest ever to …

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Hurricane Sandy Losses Expected to Top Irene’s

Ben Berkowitz — Tue, 30 Oct 2012 13:19:36 +0000

Hurricane Sandy appears to have easily caused more losses than last year’s Hurricane Irene, but final totals will be hard to come by for some time because of the scale of the disaster, catastrophe forecasting companies said on Tuesday. Sandy …

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P/C Insurers Can Handle Sandy Losses; Flood Program to Bear Brunt

Tue, 30 Oct 2012 13:01:16 +0000

Ratings analysts at A.M. Best Co. said that it is likely that the brunt of Hurricane Sandy’s financial impact will fall on the National Flood Insurance Program (NFIP), which is responsible for almost all flood coverage in the country. For …

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Hurricane Sandy Delivers Severe But Short-Term Economic Blow: Economists

Tue, 30 Oct 2012 06:32:41 +0000

Hurricane Sandy is shaping up to be one of the biggest storms ever to hit the United States but even with the severe damage that is expected, the blow to the economy is seen as short-term. Economists say some of …

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European Insurance Stocks Hit by Hurricane Sandy Fears

Mon, 29 Oct 2012 12:19:46 +0000

European shares fell for the first time in four sessions on Monday, with insurance stocks hit by concern about their exposure to the U.S. hurricane, while a backdrop of weak company results also weighed. Traders added that the bias was …

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Insurers Prepare for Hurricane Sandy

Ben Berkowitz — Sun, 28 Oct 2012 18:00:33 +0000

Insurers say they are making the usual preparations for a hurricane – activating claims teams, staging adjusters near the locations most likely to be affected and generally getting ready to pay for a potentially huge volume of losses. “We plan …

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