Insurance Journal » storm losses

New York State Releases Plans for $1.7B in Sandy Funds

Thu, 14 Mar 2013 14:08:06 +0000

New York Gov. Andrew Cuomo announced statewide plans Tuesday to use $1.7 billion in federal storm-damage funds for home repairs, government buyouts of property in flood-prone areas, low-interest loans, flood-prevention measures, and other recovery work. Most of the money will …

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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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List of Company-Specific Sandy-Related Loss Estimates

Young Ha — Thu, 10 Jan 2013 17:34:01 +0000

Since Superstorm Sandy slammed into the New Jersey coastline on Oct. 29, 2012, dozens of insurers and reinsurers have publicly announced their Sandy-related preliminary loss estimates. The following are the latest company-specific estimates as of Jan. 8, 2013 (in alphabetical …

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Alleghany Expects $288M Sandy Loss; Assurant Estimates $200M Loss

Thu, 20 Dec 2012 17:52:13 +0000

Alleghany Corporation said this week its preliminary estimate of after-tax loss related to Sandy — net of reinsurance and reinstatement premiums — would be approximately $288 million. Alleghany said this estimate reflects a consolidated pre-tax loss estimate, net of reinsurance …

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Travelers Cos.’ Preliminary Estimate: $650M Net Loss From Sandy

Wed, 05 Dec 2012 19:52:20 +0000

The Travelers Companies Inc. announced its preliminary estimate of net losses relating to Superstorm Sandy is approximately $650 million after tax and after estimated recoveries from reinsurance. This $650 million estimate reflects a gross loss estimate (pre-tax and before reinsurance) …

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What We Know About Superstorm Sandy a Month Later

Tue, 04 Dec 2012 17:35:36 +0000

Superstorm Sandy wreaked havoc on parts of the U.S. East Coast in late October after tearing through the Caribbean. In the weeks since, the storm’s scope has come into sharper focus. Deaths Sandy killed at least 125 people in the …

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N.Y. Sen. Schumer: Officials in Intense Lobbying Effort for Federal Sandy Aid

Mon, 03 Dec 2012 17:59:40 +0000

New York Sen. Charles Schumer says New York expects to get tens of billions of dollars in federal money to cover damages from Superstorm Sandy.However, the Democrat told a news conference Sunday that it’s not a done deal. He says …

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N.Y. Liberty Island, Home of Statue of Liberty, Still Closed Post-Sandy

Mon, 03 Dec 2012 17:41:46 +0000

The Statue of Liberty survived Superstorm Sandy with every crown spike in place, but its surrounding island was so badly damaged that the National Park Service doesn’t know when the beloved tourist attraction will reopen or how much repairs will …

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Cold, Mold Loom as Hazards in Sandy Disaster Zones

Sun, 02 Dec 2012 21:30:41 +0000

A month after Sandy’s floodwaters swept up his block, punched a hole in his foundation and drowned his furnace, John Frawley still has no electricity or heat in his dilapidated home on the Rockaway seashore in Queens, New York. The …

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New York Gov. Cuomo Proposes $9B for Storm Damage Prevention

Thu, 29 Nov 2012 16:55:52 +0000

New York Gov. Andrew Cuomo wants huge electrical transformers in commercial buildings hauled to upper floors and wants the ability to shutter key tunnels, airports and subways from floodwaters as part of a $9 billion plan to safeguard New York …

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Wind Deductibles and Sandy: What It Means for Total Insured Losses

Wed, 28 Nov 2012 16:00:46 +0000

On October 29, 2012, when Hurricane Sandy made landfall along the northeast coast—a year to the day since the last northeastern superstorm and fourteen months since Hurricane Irene — the wind speeds recorded by the National Weather Service indicated the …

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South Carolina Emergency Officials Study Sandy for Lessons

Wed, 28 Nov 2012 15:25:04 +0000

Emergency officials on the South Carolina coast are looking at Superstorm Sandy to try to learn ways to better prepare for future storms. Horry County emergency management director Randy Webster has been looking at the impact of Sandy, The Sun …

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New York, New Jersey Put $71 Billion Price Tag on Sandy

Tue, 27 Nov 2012 03:56:41 +0000

New York state and New Jersey need at least $71.3 billion to recover from the devastation wrought by Superstorm Sandy and prevent similar damage from future storms, according to their latest estimates. The total, which could grow, came as New …

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AIR Worldwide Survey Team Describes Sandy Losses in N.J., N.Y.

Wed, 21 Nov 2012 15:48:01 +0000

AIR Worldwide recently concluded damage survey of areas impacted by Superstorm Sandy, which made landfall on Oct. 29, five miles southwest of Atlantic City, New Jersey. On November 11, 2012, AIR teams were deployed to survey damage in New York …

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SNL Report: Insurers Begin Issuing Sandy Loss Estimates

Tue, 20 Nov 2012 17:32:56 +0000

A number of insurers have begun issuing their Sandy loss estimates in the weeks since the superstorm devastated the East Coast. The SNL Financial compiled these company-specific loss estimates in a new report this week. United Fire Group Inc. expects …

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NYPD Targets Tow Truck Scams in Storm Areas

Mon, 19 Nov 2012 16:29:26 +0000

New York City police are working to prevent unscrupulous tow truck drivers from taking storm-damaged vehicles before insurance companies can get to them. NYPD Deputy Inspector Joseph Kenny tells WABC-TV that some tow truck drivers pretend they’re contracted by the …

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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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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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Chubb Suspends Stock Buyback as It Counts Sandy Losses

Tue, 13 Nov 2012 13:54:56 +0000

Property/casualty insurer Chubb Corp. suspended its stock buyback program, because it has not yet been able to determine what its total costs related to Superstorm Sandy will be. The Warren, N.J.-based company is considered to be one of the insurers …

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Navigating Claims Process Can Be a Challenge for Homeowners

Tue, 13 Nov 2012 03:03:03 +0000

People looking to rebuild their lives after Superstorm Sandy destroyed and damaged their homes may now have another struggle on their hands: Navigating the often-frustrating claims process with their insurance companies. This time around, people won’t be paying exorbitant hurricane …

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Gov. Cuomo: Superstorm Sandy Could Cost New York State $33 Billion

Sun, 11 Nov 2012 21:35:52 +0000

Damage and economic losses from Superstorm Sandy will cost New York state $33 billion, Gov. Andrew Cuomo said last Thursday, and come just as state government runs up a deficit. Cuomo called the estimate “a lot of money, even for …

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Attorney’s Advice to Insurers on Reducing Class Action Exposure Post-Sandy

Tue, 06 Nov 2012 17:50:44 +0000

A veteran attorney who spent several years defending insurance companies in lawsuits from Hurricane Katrina is offering advice to insurers on class action and bad faith exposure post-Sandy. Insurers will be denying claims where flood is not covered by their …

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N.Y. Gov. Cuomo Eases Insurance Rules for Documenting Storm Damage

Tue, 06 Nov 2012 16:05:50 +0000

New York Gov. Andrew Cuomo said Monday, Nov. 5, that he is ordering insurance companies to ease rules on documenting Sandy-related damages during the claims filing procedure. The governor said that, at his direction, the Department of Financial Services is …

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Nor’easter Headed to N.J., N.Y., May Complicate Sandy Recovery Effort

Mon, 05 Nov 2012 18:02:32 +0000

The National Weather Service said a nor’easter with wind gusts up to 50 mph is expected to hit the New Jersey, New York coastal region on Wednesday into Thursday. In an updated forecast on Tuesday, Nov. 6, the agency said …

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Power, Transit Outages Could Make Sandy 2nd-Costliest Storm in U.S.

Mon, 05 Nov 2012 11:35:19 +0000

Widespread power outages and subway shutdowns may wind up making Superstorm Sandy the second most expensive storm in U.S. history. That would rank it right behind Hurricane Katrina. Eqecat said last week that the damage from the storm will likely …

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AIG: Sandy Losses Won’t Be a Huge Issue Financially

Mon, 05 Nov 2012 11:34:38 +0000

The American International Group executives are assuring investors that Sandy-related losses won’t have any significant impact on the company’s financial strength. Also, AIG announced in its Sunday, Nov. 4, bulletin to employees that most of its offices in the New …

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Allstate Poised to Benefit From Reduced Exposure Along East Coast

Mon, 05 Nov 2012 11:32:21 +0000

Allstate Corp.’s chief executive said the company’s effort during the past five years to reduce exposures along the East Coast is helping to lower Sandy-related losses. “It’s still too early to tell on either the volume, the mix or the …

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June, July Ohio Storm Losses Rise to More than $400M

Mon, 13 Aug 2012 16:32:33 +0000

Insured losses from a round of summer storms in late June and early July have risen to more than $400 million, a state-based insurance information group reported. Property casualty insurers are reporting losses of at least $433.5 million from the …

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Dallas Hailstorm Loss Estimate Drops Below $1 Billion

Wed, 20 Jun 2012 10:22:53 +0000

Insured losses from last week’s violent hailstorm in Dallas should be just under $1 billion, a trade group for Texas insurers said on Tuesday, sharply less than what another industry group estimated last week. The Insurance Council of Texas, via …

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Vermont’s Irene Recovery Bill at $733M, Still More Work to Do

Sun, 17 Jun 2012 16:29:53 +0000

The state’s total cost of recovering from Tropical Storm Irene is estimated at $733 million, and the federal government is expected to pay about three-quarters of that amount, Administration Secretary Jeb Spaulding said on June 14.About $486 million is to …

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