Insurance Journal » Hurricane Sandy http://www.insurancejournal.com Insurance Journal delivers the latest business news for the Property/Casualty insurance industry Wed, 23 Apr 2014 18:00:27 +0000 en-US hourly 1 http://wordpress.org/?v=3.8.2 Feds to Audit N.J. Gov. Christie’s Use of Sandy Relief Funds http://www.insurancejournal.com/news/east/2014/01/13/316891.htm Mon, 13 Jan 2014 16:39:20 +0000 http://www.insurancejournal.com/?p=316891 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. …

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Sandy Victims Want Help With Insurers, Bureaucrats http://www.insurancejournal.com/news/east/2013/10/02/306896.htm Wed, 02 Oct 2013 14:25:11 +0000 http://www.insurancejournal.com/?p=306896 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 …

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Gov. Christie, HUD Head Update Sandy Rebuilding in New Jersey http://www.insurancejournal.com/news/east/2013/08/22/302542.htm Thu, 22 Aug 2013 14:48:45 +0000 http://www.insurancejournal.com/?p=302542 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 …

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Hurricane Task Force Recommends Resilient Power for Wireless http://www.insurancejournal.com/news/east/2013/08/20/302306.htm Tue, 20 Aug 2013 17:00:00 +0000 http://www.insurancejournal.com/?p=302306 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 …

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Hurricane Sandy Rebuilding Task Force Addresses Insurance Challenges http://www.insurancejournal.com/news/east/2013/08/20/302304.htm Tue, 20 Aug 2013 16:58:59 +0000 http://www.insurancejournal.com/?p=302304 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 …

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Stilt Houses in Greenwich, Conn., Foreshadow Impact of New Flood Maps http://www.insurancejournal.com/news/east/2013/08/19/302115.htm Mon, 19 Aug 2013 14:18:27 +0000 http://www.insurancejournal.com/?p=302115 In the coastal areas of Greenwich, Connecticut, the latest housing craze requires hydraulic jacks, pylons and stilts. One home towers over its neighbors like a cruise ship. Others look like expensive tree houses. “People are stopping in to ask us …

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Massachusetts Sees Spike in Hurricane Sandy Title Scams http://www.insurancejournal.com/news/east/2013/08/05/300719.htm Mon, 05 Aug 2013 16:35:54 +0000 http://www.insurancejournal.com/?p=300719 The Registry of Motor Vehicles is warning consumers in western Massachusetts to watch out for scammers who sell cars with reconstructed titles from Oregon that mask vehicles damaged during Hurricane Sandy. The RMV says hidden water damage could pose dangers …

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New York’s MTA Obtains $200M of Protection With Catastrophe Bonds http://www.insurancejournal.com/news/east/2013/08/01/300364.htm Thu, 01 Aug 2013 14:40:19 +0000 http://www.insurancejournal.com/?p=300364 The Metropolitan Transportation Authority, which suffered $4.8 billion in damage from Superstorm Sandy last year, obtained $200 million of protection with bonds designed to guard against wreckage linked to storm surges.New York City’s subway operator is paying less than the …

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MTA Plans Catastrophe Bond Sale Linked to Storm Damage, S&P Says http://www.insurancejournal.com/news/east/2013/07/16/298664.htm Wed, 17 Jul 2013 03:58:35 +0000 http://www.insurancejournal.com/?p=298664 The Metropolitan Transportation Authority plans to use bonds designed to help New York City’s subway operator guard against storm surge damage after suffering $4.8 billion in wreckage from Hurricane Sandy.The largest U.S. transit agency will buy protection from MetroCat Re …

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NYC Mayor Bloomberg Proposes $20B Flood Plan After Sandy http://www.insurancejournal.com/news/east/2013/06/11/295046.htm Tue, 11 Jun 2013 22:35:46 +0000 http://www.insurancejournal.com/?p=295046 New York Mayor Michael Bloomberg called for a $20 billion system of flood barriers to protect low-lying areas from storms almost eight months after Hurricane Sandy devastated the region. In a report released today, the mayor made 250 recommendations, including …

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Sandy Lesson for Business Owners: Read Policy, Keep Track of Notice Provisions http://www.insurancejournal.com/news/east/2013/04/28/289977.htm Sun, 28 Apr 2013 23:39:46 +0000 http://www.insurancejournal.com/?p=289977 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 http://www.insurancejournal.com/news/southcentral/2013/03/28/286386.htm Thu, 28 Mar 2013 16:11:48 +0000 http://www.insurancejournal.com/?p=286386 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 http://www.insurancejournal.com/news/international/2013/03/27/286217.htm Wed, 27 Mar 2013 11:12:43 +0000 http://www.insurancejournal.com/?p=286217 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 http://www.insurancejournal.com/news/east/2013/03/25/285821.htm Mon, 25 Mar 2013 16:57:35 +0000 http://www.insurancejournal.com/?p=285821 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 http://www.insurancejournal.com/news/east/2013/03/18/285078.htm Tue, 19 Mar 2013 02:51:00 +0000 http://www.insurancejournal.com/?p=285078 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 http://www.insurancejournal.com/news/east/2013/02/17/281517.htm Sun, 17 Feb 2013 20:58:36 +0000 http://www.insurancejournal.com/?p=281517 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 http://www.insurancejournal.com/news/east/2013/02/15/281500.htm Fri, 15 Feb 2013 17:59:18 +0000 http://www.insurancejournal.com/?p=281500 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. http://www.insurancejournal.com/news/east/2013/02/14/281245.htm Thu, 14 Feb 2013 15:51:56 +0000 http://www.insurancejournal.com/?p=281245 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 http://www.insurancejournal.com/news/southeast/2013/01/31/279560.htm Thu, 31 Jan 2013 20:57:01 +0000 http://www.insurancejournal.com/?p=279560 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 http://www.insurancejournal.com/news/west/2013/01/31/279479.htm Thu, 31 Jan 2013 15:53:33 +0000 http://www.insurancejournal.com/?p=279479 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 http://www.insurancejournal.com/news/east/2013/01/30/279319.htm Wed, 30 Jan 2013 15:57:43 +0000 http://www.insurancejournal.com/?p=279319 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 http://www.insurancejournal.com/news/midwest/2013/01/18/277977.htm Fri, 18 Jan 2013 17:26:16 +0000 http://www.insurancejournal.com/?p=277977 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 http://www.insurancejournal.com/news/international/2013/01/03/275865.htm Thu, 03 Jan 2013 12:02:00 +0000 http://www.insurancejournal.com/?p=275865 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 http://www.insurancejournal.com/news/international/2012/12/28/275421.htm Fri, 28 Dec 2012 14:44:21 +0000 http://www.insurancejournal.com/?p=275421 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 http://www.insurancejournal.com/news/international/2012/12/21/274931.htm Fri, 21 Dec 2012 11:28:14 +0000 http://www.insurancejournal.com/?p=274931 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 http://www.insurancejournal.com/news/international/2012/12/19/274552.htm Wed, 19 Dec 2012 11:20:59 +0000 http://www.insurancejournal.com/?p=274552 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 http://www.insurancejournal.com/news/east/2012/12/14/274070.htm Fri, 14 Dec 2012 15:11:34 +0000 http://www.insurancejournal.com/?p=274070 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 http://www.insurancejournal.com/news/international/2012/12/13/273789.htm Thu, 13 Dec 2012 11:04:09 +0000 http://www.insurancejournal.com/?p=273789 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 http://www.insurancejournal.com/news/midwest/2012/12/12/273671.htm Wed, 12 Dec 2012 17:04:06 +0000 http://www.insurancejournal.com/?p=273671 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 http://www.insurancejournal.com/news/east/2012/11/21/271318.htm Wed, 21 Nov 2012 08:35:06 +0000 http://www.insurancejournal.com/?p=271318 “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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