Insurance Journal » storm losses http://www.insurancejournal.com Insurance Journal delivers the latest business news for the Property/Casualty insurance industry Thu, 17 Apr 2014 17:01:45 +0000 en-US hourly 1 http://wordpress.org/?v=3.8.2 Christmas in the Dark? Post-Storm Power Outages Linger for Thousands in Maine http://www.insurancejournal.com/news/east/2013/12/24/315456.htm Tue, 24 Dec 2013 17:59:56 +0000 http://www.insurancejournal.com/?p=315456 Tens of thousands of utility customers in Maine may face Christmas without electricity as post-ice storm power outages continue in the region. In Maine, the Central Maine Power, a subsidiary of Iberdrola USA which delivers electricity to more than 600,000 …

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FM Global Advises Property Owners to Be Proactive, Address Vulnerabilities http://www.insurancejournal.com/news/east/2013/08/22/302606.htm Thu, 22 Aug 2013 16:59:08 +0000 http://www.insurancejournal.com/?p=302606 Business property insurer FM Global is urging property owners to take active measures now to help prevent potential storm losses as the peak of hurricane season approaches. “A big lesson from Hurricane Sandy is that remaining resilient during natural disasters …

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Weather Service Confirms St. Louis-Area Tornadoes http://www.insurancejournal.com/news/midwest/2013/06/03/294190.htm Mon, 03 Jun 2013 16:23:05 +0000 http://www.insurancejournal.com/?p=294190 Portions of suburban St. Louis waged a soggy cleanup effort on June 1 after severe storms unleashed an outbreak of tornadoes across the region, damaging hundreds of homes and leaving tens of thousands without power. No serious injuries were reported, …

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New York State Releases Plans for $1.7B in Sandy Funds http://www.insurancejournal.com/news/east/2013/03/14/284712.htm Thu, 14 Mar 2013 14:08:06 +0000 http://www.insurancejournal.com/?p=284712 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. 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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List of Company-Specific Sandy-Related Loss Estimates http://www.insurancejournal.com/news/east/2013/01/10/276988.htm Thu, 10 Jan 2013 17:34:01 +0000 http://www.insurancejournal.com/?p=276988 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 http://www.insurancejournal.com/news/east/2012/12/20/274899.htm Thu, 20 Dec 2012 17:52:13 +0000 http://www.insurancejournal.com/?p=274899 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 http://www.insurancejournal.com/news/east/2012/12/05/272936.htm Wed, 05 Dec 2012 19:52:20 +0000 http://www.insurancejournal.com/?p=272936 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 http://www.insurancejournal.com/news/east/2012/12/04/272698.htm Tue, 04 Dec 2012 17:35:36 +0000 http://www.insurancejournal.com/?p=272698 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 http://www.insurancejournal.com/news/east/2012/12/03/272566.htm Mon, 03 Dec 2012 17:59:40 +0000 http://www.insurancejournal.com/?p=272566 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 http://www.insurancejournal.com/news/east/2012/12/03/272555.htm Mon, 03 Dec 2012 17:41:46 +0000 http://www.insurancejournal.com/?p=272555 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 http://www.insurancejournal.com/news/east/2012/12/02/272440.htm Sun, 02 Dec 2012 21:30:41 +0000 http://www.insurancejournal.com/?p=272440 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 http://www.insurancejournal.com/news/east/2012/11/29/272180.htm Thu, 29 Nov 2012 16:55:52 +0000 http://www.insurancejournal.com/?p=272180 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 http://www.insurancejournal.com/news/national/2012/11/28/271738.htm Wed, 28 Nov 2012 16:00:46 +0000 http://www.insurancejournal.com/?p=271738 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 http://www.insurancejournal.com/news/southeast/2012/11/28/272008.htm Wed, 28 Nov 2012 15:25:04 +0000 http://www.insurancejournal.com/?p=272008 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 http://www.insurancejournal.com/news/east/2012/11/26/271709.htm Tue, 27 Nov 2012 03:56:41 +0000 http://www.insurancejournal.com/?p=271709 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. http://www.insurancejournal.com/news/east/2012/11/21/271384.htm Wed, 21 Nov 2012 15:48:01 +0000 http://www.insurancejournal.com/?p=271384 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 http://www.insurancejournal.com/news/east/2012/11/20/271236.htm Tue, 20 Nov 2012 17:32:56 +0000 http://www.insurancejournal.com/?p=271236 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 http://www.insurancejournal.com/news/east/2012/11/19/271030.htm Mon, 19 Nov 2012 16:29:26 +0000 http://www.insurancejournal.com/?p=271030 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 http://www.insurancejournal.com/news/east/2012/11/15/270742.htm Thu, 15 Nov 2012 20:50:35 +0000 http://www.insurancejournal.com/?p=270742 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 http://www.insurancejournal.com/news/east/2012/11/13/270332.htm Tue, 13 Nov 2012 23:22:26 +0000 http://www.insurancejournal.com/?p=270332 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 http://www.insurancejournal.com/news/national/2012/11/13/270200.htm Tue, 13 Nov 2012 13:54:56 +0000 http://www.insurancejournal.com/?p=270200 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 http://www.insurancejournal.com/news/east/2012/11/12/270218.htm Tue, 13 Nov 2012 03:03:03 +0000 http://www.insurancejournal.com/?p=270218 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 http://www.insurancejournal.com/news/east/2012/11/11/270168.htm Sun, 11 Nov 2012 21:35:52 +0000 http://www.insurancejournal.com/?p=270168 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 http://www.insurancejournal.com/news/east/2012/11/06/269629.htm Tue, 06 Nov 2012 17:50:44 +0000 http://www.insurancejournal.com/?p=269629 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 http://www.insurancejournal.com/news/east/2012/11/06/269554.htm Tue, 06 Nov 2012 16:05:50 +0000 http://www.insurancejournal.com/?p=269554 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 http://www.insurancejournal.com/news/east/2012/11/05/269429.htm Mon, 05 Nov 2012 18:02:32 +0000 http://www.insurancejournal.com/?p=269429 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. http://www.insurancejournal.com/news/east/2012/11/05/269314.htm Mon, 05 Nov 2012 11:35:19 +0000 http://www.insurancejournal.com/?p=269314 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 http://www.insurancejournal.com/news/east/2012/11/05/269321.htm Mon, 05 Nov 2012 11:34:38 +0000 http://www.insurancejournal.com/?p=269321 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 http://www.insurancejournal.com/news/east/2012/11/05/269319.htm Mon, 05 Nov 2012 11:32:21 +0000 http://www.insurancejournal.com/?p=269319 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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