Insurance Journal » Hurricane Sandy

Sandy Lesson for Business Owners: Read Policy, Keep Track of Notice Provisions

Sun, 28 Apr 2013 23:39:46 +0000

It’s been six months since Superstorm Sandy made its landfall on the coast of New Jersey and became one of the costliest storms ever recorded in the U.S. Many businesses in the region are still recovering from the effects of …

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Katrina, Sandy Offer Similar Lessons for Builders

Thu, 28 Mar 2013 16:11:48 +0000

Lessons learned from Hurricane Sandy about how best to limit damage to buildings closely track those of Katrina, a federal engineer said. Elevating generators and pumps is a good idea but enclosing elevated foundations that might be hit by waves …

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Swiss Re Study for 2012 Losses: $77 Bn Insured; $186 Bn Economic

Wed, 27 Mar 2013 11:12:43 +0000

Swiss Re has released its latest sigma study, which found that economic losses from natural catastrophes and man-made disasters reached $186 billion in 2012. Insured losses amounted to $77 billion, making 2012 the third most costly year on record. Weather …

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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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FEMA Data Suggests Some Insurers Handling NFIP Claims Faster Than Others

Sun, 17 Feb 2013 20:58:36 +0000

Up and down the Atlantic coast, people are telling horror stories about how long it has taken to get an insurance check for flood damage caused by Superstorm Sandy. Nearly 40 percent are still waiting for the final settlements they …

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N.J. Congressional Delegation Expresses Concern Over NFIP Claims

Fri, 15 Feb 2013 17:59:18 +0000

On Tuesday Feb. 12, New Jersey’s Congressional delegation sent a letter to Federal Emergency Management Agency Administrator W. Craig Fugate, expressing their concern over what the delegation described as “the backlog of claims” in the National Flood Insurance Program (NFIP). …

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National Hurricane Center Report: Sandy Was 2nd-Costliest Hurricane in U.S.

Thu, 14 Feb 2013 15:51:56 +0000

Superstorm Sandy was the deadliest hurricane in the northeastern U.S. in 40 years and the second-costliest in the nation’s history, according to a report released Tuesday, Feb. 12.The storm’s effects reached far and wide, according to the National Hurricane Center …

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Florida Senate to Unveil Property Insurance Reforms

Michael Adams — Thu, 31 Jan 2013 20:57:01 +0000

Florida lawmakers are planning next week to release a draft version of a property insurance reform bill. The Senate Banking and Insurance Committee has taken the lead on property insurance reform this year and so far has listened to more …

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Colorado Politicians Mad Over Sandy Bill Minus Wildfire Aid

Thu, 31 Jan 2013 15:53:33 +0000

Colorado politicians are steaming that $125 million in aid for last year’s wildfires was removed from the Sandy relief bill. The Republican-controlled House of Representatives stripped that funding from the Sandy bill before approving it last week. That infuriated Colorado’s …

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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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Kansas, Missouri Could Be Hit by Disaster Aid Fight

Fri, 18 Jan 2013 17:26:16 +0000

Midwesterners accustomed to generous government aid after ice storms, floods and tornadoes may soon have to look somewhere else for help when disaster strikes. Even as the U.S. House on Jan. 15 passed a $50.7 billion aid package for victims …

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Munich Re 2012 Cat Report Underscores Extreme Weather in U.S.; Sandy Losses

Thu, 03 Jan 2013 12:02:00 +0000

The figures for natural catastrophse that occurred in 2012 are “dominated by weather extremes in the USA,” according to a report from Munich Re. The reinsurers said the U.S. “accounted for a higher proportion of global natural catastrophe losses than …

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Events that Topped World Insurance News in 2012

Charles E. Boyle — Fri, 28 Dec 2012 14:44:21 +0000

While 2012 wasn’t as tumultuous as 2011, it had its share of insurance shaking trends and events. Here in roughly chronological order are some of them: 1) The costs of the flooding in Thailand in 2011, wasn’t conclusively calculated until …

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Argo Group Estimates Preliminary Sandy Losses between $45 – $55 Million

Fri, 21 Dec 2012 11:28:14 +0000

The Bermuda-based Argo Group International Holdings, Ltd. announced that it expects its 2012 fourth quarter results to include pre-tax catastrophe losses, related to Hurricane Sandy, of between $45 million and $55 million, net of reinsurance and reinstatement premiums. The bulletin …

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Swiss Re Estimates 2012 Economic Losses at $140 Billion; $65 Billion Insured

Wed, 19 Dec 2012 11:20:59 +0000

According to Swiss Re’s sigma preliminary estimates, economic losses from natural catastrophes and man-made disasters will likely reach at least $140 billion in 2012, while total insured losses from natural catastrophes and manmade disasters will reach approximately $65 billion. Natural …

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After Sandy, New York City Eyes Moving Power Gear Higher

Fri, 14 Dec 2012 15:11:34 +0000

A major push is on to move New York City’s electrical infrastructure to higher ground or upper floors after Superstorm Sandy sent seawater pouring into low-lying substations and skyscraper basements and plunged half of Manhattan into darkness for four days. …

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XL’s Preliminary Loss Estimate for Hurricane Sandy around $350 Million

Thu, 13 Dec 2012 11:04:09 +0000

XL Group plc has announced that its preliminary net loss estimate related to Storm Sandy is around $350 million, pretax and net of reinsurance and reinstatement premiums. XL added that “approximately 60 percent of the Company’s estimated loss relates to …

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Meadowbrook Insurance Group: $5.1M Known Claims from Hurricane Sandy

Wed, 12 Dec 2012 17:04:06 +0000

Meadowbrook Insurance Group Inc., headquartered in Southfield, Mich., reported that so far it has approximately $5.1 million of known claims resulting from Hurricane Sandy. The claims reported from Hurricane Sandy are primarily limited to marine and properties in the Northeast. …

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After Sandy, Uncertainty About Real Estate Market, Mortgages, Insurance

Wed, 21 Nov 2012 08:35:06 +0000

“Reduced for Quick Sale!” reads Mike Montalbano’s Craigslist ad for the three-bedroom home he needs to sell before he can relocate for a new job. The drywall is new, as are the appliances. The only problem? Location. Montalbano’s home is …

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N.Y. Gov. Cuomo: FEMA Program Will Cover N.Y. Home Repairs

Fri, 16 Nov 2012 17:49:08 +0000

Federally-paid contractors will do basic repairs so tens of thousands of New York victims of Superstorm Sandy can stay in, or return to, their damaged homes during major work, New York Gov. Andrew Cuomo and federal officials announced Wednesday. The …

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Conn. Gov.: State’s Damage From Superstorm Sandy $360M and Climbing

Fri, 16 Nov 2012 17:45:27 +0000

Connecticut Gov. Dannel P. Malloy says the cost of damage to Connecticut businesses and homes by Superstorm Sandy is more than $360 million and climbing. Malloy tells the Connecticut Post that the sum includes damage in all eight counties and …

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RMS’s Sandy Insured-Loss Estimate Is $20-$25 Billion, WSJ Reports

Thu, 15 Nov 2012 20:50:35 +0000

Catastrophe modeling firm Risk Management Solutions’ insured loss estimate for Sandy would be in the range of $20 billion to $25 billion, according to a report from The Wall Street Journal.RMS has not yet published its estimate publicly as of …

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I.I.I. Offers Advice to Business Owners on Preparing for Adjuster’s Visit

Thu, 15 Nov 2012 17:53:58 +0000

The Insurance Information Institute today issued a step-by-step guide to help business owners who are filing a claim in the wake of Sandy. The Institute said there are steps business owners can take now to make the most of the …

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AIR Worldwide’s Field Report Describes Scope of Sandy’s Devastation

Thu, 15 Nov 2012 17:33:48 +0000

Catastrophe modeling firm AIR Worldwide published a field survey report on Wednesday, Nov. 14, detailing damages their representatives saw in some of the hardest-hit areas post-Sandy. According to AIR Worldwide, Sandy’s diameter made it the largest Atlantic hurricane on record …

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Adjusters Battling Power, Phone Outage, Long Gas Lines, Blocked Roads

Thu, 15 Nov 2012 16:53:20 +0000

Major insurers have deployed thousands of claims adjusters in the Northeast in the wake of Superstorm Sandy — they are working from dawn until late night to make contacts with policyholders, complete the estimate process and move claims forward. They …

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Boating Loss From Superstorm Sandy Could Set Record

Wed, 14 Nov 2012 18:38:25 +0000

N.J. resident Kevin Kelly couldn’t quite tell the damage Superstorm Sandy caused his 30-foot Wellcraft Sportfisher when he saw it last week. It was in the middle of Shrewsbury Avenue in Highlands, N.J., under a pile of about 30 boats …

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Post-Sandy Survey: Only Minor Damages to Buildings From Direct Wind

Wed, 14 Nov 2012 17:57:24 +0000

Damage from storm surge and flooding caused by Superstorm Sandy is widespread and extensive — but there is only minor damage to buildings from direct wind, according a field survey report this week from Willis Re. Willis Re is the …

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Some Sandy-Damaged Manhattan Office Buildings to Reopen Soon

Wed, 14 Nov 2012 15:49:22 +0000

Some Manhattan office buildings badly damaged by SuperStorm Sandy two weeks ago are coming back on line faster than even their owners predicted.One New York Plaza will allow the first group of its tenants to move back in next Monday, …

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Q&A With Attorneys on Emerging Business Insurance Topics

Tue, 13 Nov 2012 23:22:26 +0000

As companies large and small grapple with losses in Sandy’s aftermath, a number of critical — and costly — business questions have emerged. Darlene Alt and Robert DiUbaldo, two experienced insurance attorneys from international law firm Edwards Wildman Palmer LLP, …

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