The PropertyCasualty360.com staff (of which Claims is part) is accustomed to hearing and writing about catastrophes. However, it is rare for so many of us to be smack in the middle of a severe weather event ourselves. Those working out of Summit Business Media’s Hoboken, N.J. office, for example, simply do not witness the types of extreme weather with which many of our constituents to the south, west, and even north regularly contend.
NFIP Borrowing Authority May Need to Be Raised to $30B
By Arthur D. Postal, regulatory and compliance news editor for LifeHealthPro.com.
“These estimates, while useful, are often later significantly revised,” he said.
Griffin adds, “PCI suggests that a more useful estimate comes from the actual data and claims being reported, as provided in this case by Ed Connor, deputy associate administrator at the NFIP.”
Experts Debate Impact of Infrastructure Damage on Loss Estimates
By Chad Hemenway, PropertyCasualty360.com
Insurance implications due to damage to infrastructure from Superstorm Sandy are still difficult to estimate at this point, but most infrastructure is not privately insured.
By Christina Bramlet, PropertyCasualty360.com
On Nov. 26, the National Insurance Crime Bureau (NICB) revised its projections about the total number of vehicles damaged by Superstorm Sandy. Based on information provided from the Insurance Services Office, Inc. (ISO), a subsidiary of Verisk Analytics, the NICB estimates that 230,000 vehicles were damaged by the storm. Not surprisingly, New York logged the most damaged rides with 130,000, while New Jersey generated 60,000 claims.