Hurricane Sandy News

Catastrophe Reinsurance Prices Will Continue to Drop This Year: Swiss Re

Reinsurance prices will continue to fall this year as competition for customers from hedge funds and other sources of alternative capital send premiums to their lowest in four years, according to Swiss Re AG. “Price reductions have slowed down but …

N.J. Legislators Approve Bill Preventing Foreclosures for Sandy Victims

A bill heading to New Jersey Gov. Chris Christie’s desk would prevent mortgage foreclosure for New Jersey homeowners whose houses were damaged by Superstorm Sandy. The bill, which passed the Legislature on Dec. 17, would prevent foreclosures for up to …

Local Conn. Businesses Are Told to Plan Ahead, Prepare for Next Big Storm

A Category 3 hurricane with forces not seen in Eastern Connecticut for nearly 100 years barrels into the mouth of the Connecticut River. Roads are blocked by downed trees and utility lines. Power is expected to be out for up …

A.M. Best: Reinsurance Sector Faces New Reality Shaped by Abundant Capacity

The reinsurance market is operating in a new reality of abundant capacity from traditional and alternative sources, low interest rates and thinner reinsurance margins, driven by intense competition against shrinking demand for reinsurance cover, according to A.M. Best’s annual special …

Climate Change Modeling on Cusp of Paradigm Shift

In the face of growing interest in climate change impacts, several big catastrophe modelers said they’ve heard from more clients interested in receiving climate-related data and they believe the field is on the cusp of a change in the way …

Feds to Audit N.J. Gov. Christie’s Use of Sandy Relief Funds

New Jersey Governor Chris Christie faces a federal investigation over his use of $25 million of Hurricane Sandy relief money for a commercial he starred in promoting tourism at the New Jersey shore. The inspector general’s office at the U.S. …

Sandy Victims Want Help With Insurers, Bureaucrats

The water came in torrents; the aid is being parceled out drip by drip. That was one of the main complaints voiced Monday by victims of Superstorm Sandy at a legislative hearing in Trenton, New Jersey, on the pace of …

Gov. Christie, HUD Head Update Sandy Rebuilding in New Jersey

Recovery from Superstorm Sandy is proceeding at a steady pace with the help of billions in federal aid, shifting attention to measures that can be taken to reduce or prevent similar devastation in the future.That will include a multi-layered approach …

Hurricane Task Force Recommends Resilient Power for Wireless

U.S. wireless communications networks should be made more resilient in extreme weather emergencies, according to a government task force studying the effects of Hurricane Sandy. The Hurricane Sandy Rebuilding Task Force recommended improving the communications networks so cellular towers and …

Hurricane Sandy Rebuilding Task Force Addresses Insurance Challenges

The Hurricane Sandy Rebuilding Task Force, led by the U.S. Department of Housing and Urban Development, issued a report Monday that provides recommendations for mitigating harm from future storms. Recommendations include assisting homeowners to stay in their homes after disasters …