News

House Republicans are going to let the 112th Congress expire Wednesday without action on a Superstorm Sandy relief bill that includes a 50 percent increase in the National Flood Insurance Programs borrowing authority.

A manufacturer of hybrid-electric luxury sedans has filed suit against insurer XL Insurance over a claim the car-maker made after Superstorm Sandy.

Two catastrophe bonds placed late in December boosted sales of such transactions to more than $6 billion in 2012, the second highest annual total in the market's history.

Two catastrophe bonds placed late in December boosted sales of such transactions to more than $6 billion in 2012, the second highest annual total in the market's history.

The entry of new investors like hedge funds into the reinsurance market is likely to keep prices mostly flat when European customers renew policies in January, despite the industry's losses from superstorm Sandy, broker Willis Re said.

While crop insurers will likely face their worst underwriting results since 1988 due to 2012s severe drought, ratings agency A.M. Best does not expect the net impact to materially affect any insurers capital position.