Sandy Updates

INN will continually update this page with coverage of Superstorm Sandy and its impact on the insurance industry.

NY Governor Changes Claims Rules, Imposes Moratorium for Cancelling Policies

Moratorium established ahead of second storm expected to hit New York on Wednesday.

Fitch: Reinsurers Well-positioned to Withstand Losses from Sandy

Varied estimates shouldn’t pose much of a threat to reinsurers who have enjoyed a relatively catastrophe-free 2012 thus far.

Governors Instruct Insurers Not to Charge Hurricane Deductibles

Damage estimates increase yet again as adjusters begin to assess damage; states ask insurers to treat Sandy as a tropical storm.

Power Outages, Flooding Persist as Sandy Tracks North

OCT 31: The clock is ticking, and insured losses are rising, as crews take to the most heavily damaged regions to assess infrastructure damage and reconnect power to millions.

Updated Estimated Insured Losses from Sandy at $7-15 Billion

OCT 30: AIR Worldwide’s estimate reflects physical damage to property, additional living expenses for residential claims, storm surge damage, business interruption loss and other factors.

The Wake of Sandy in Pictures

OCT 30: Various areas of the northeast suffered uprooted trees, blown generators and crippling floods.

Insured Losses from Sandy Expected to Hit $5 Billion

OCT 30: Initial economic damage estimated at $10 billion, or comparable to Hurricane Irene.

Sandy’s Damage Estimates Reach $20B 

OCT 30: Analysts speculate the storm’s lasting impact on the industry, national economy.

25 NYC Area Zip Codes Most at Risk for Costly Property Damage 

OCT 29: National Hurricane Center’s latest advisory indicates Hurricane Sandy will strike close to midnight; CoreLogic lists the 25 NYC area zip codes at risk of the most property damage.

Allianz Among Insurers Dropping as Sandy Threatens U.S. 

OCT 29: Insurance proves to be the worst-performing industry in several markets today as Hurricane Sandy damages loom.

Experts Predicting Billions in Losses from ‘Frankenstorm’ 

OCT 26: From Sunday through Wednesday, the mid-Atlantic coast could get hammered by high wind, heavy rain, extreme tides and snow.

Worst Northeast Storm in 100 Years Predicted as Sandy Nears U.S. 

OCT 26: Early estimates range from $1-$5 billion in damages along the U.S. east coast from what is being dubbed a "Frankenstorm."

Hurricane Sandy Pounds Cuba, Threatens East Coast 

OCT 25: Category two hurricane is expected to stalk the east coast, 250 miles offshore.