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- NFIP may require $30B borrowing limit after Sandy, regulator says
State insurance regulators think the National Flood Insurance Program's borrowing authority may need to be increased to $30 billion to settle claims related to Hurricane Sandy and its remnants, Mississippi Insurance Commissioner Michael Chaney says. The Obama administration intends to ask Congress to raise the borrowing cap to $25 billion, observers have said. Early estimates of storm losses, however, "are often later significantly revised," PCI's Don Griffin said. "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," Griffin said. PropertyCasualty360
(11/21)      
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| Industry News | | |
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- Insurers donate to post-Sandy recovery efforts
Property/casualty insurers have made donations to the American Red Cross and other charity organizations that are helping Hurricane Sandy victims. Several insurance companies have set aside at least $1 million toward relief and recovery operations in areas affected by the storm. Insurance Journal
(11/21)
| Catastrophic Risk | | |
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- Experts: Increasing risks spur higher insurance costs in Colo.
Homeowners insurance rates in Colorado are on the rise as the state faces increasing risk of catastrophes, according to industry experts. Disasters led to 41% of homeowners claims payouts in the state from 2007 to 2011, up from 26% between 1997 and 2006, according to the Insurance Research Council. Insurers' collected premiums can be inadequate for claims payouts when hard-to-predict catastrophes are on the rise, PCI's Kelly Campbell said. The Denver Post
(11/25)
- Federal aid for Sandy victims in N.Y. exceeds $664M
More than $664 million in federal assistance has been approved for those in New York who were affected by Hurricane Sandy and its remnants. "We have never distributed that much money this fast, and it's a testament both to the willingness of New Yorkers to work with us and to get their applications in and to make sure they're complete," said Michael Byrne of the Federal Emergency Management Agency. WCBS-TV (New York)
(11/25)
| Policy and Law | | |
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- Commentary: Private sector may be key to solving NFIP problems
Lawmakers should consider greater participation by private insurers in covering flood risk to address the National Flood Insurance Program's problems, Mark Hofmann writes. Privatizing flood insurance will be challenging for lawmakers, however, because such a decision could result in higher coverage rates to reflect actual flood risk, Hofmann writes. "As the NFIP's debts mount, a debate over how the private sector can reduce some of the federal financial burden stemming from the program is timely and overdue," he writes. Business Insurance (tiered subscription model)
(11/25)
- Expert: Colo. bill may have led to unevenly shared risk
A measure defeated by a Colorado House committee would have set requirements for property/casualty insurers' appraisal process for homeowners, among other changes aimed at favoring policyholders. The insurance industry opposed the proposal because modifying the process could lead to a disproportionate sharing of risk among policyholders, PCI's Kelly Campbell said. "Whenever you change the claims process like that, an increase in premiums is possible," Campbell said. The Coloradoan (Fort Collins, Colo.)
(11/24)
- Ill. officials seek bill requiring auto coverage for illegal immigrants
Illinois Gov. Pat Quinn and Chicago Mayor Rahm Emanuel say they'll ask legislators to pass a bill requiring illegal immigrants to take driving tests and to get auto insurance to obtain a special driver's license. The requirement would help enhance public safety and reduce uninsured-motorist claims, as about 250,000 illegal immigrants are estimated to reside in the state, Illinois officials said. Chicago Tribune (tiered subscription model)
(11/20)
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