Today's insurance-related Hurricane Sandy news:
- EQECAT has raised its insured loss estimate from $10 billion to $20 billion (Reuters). EQECAT's Annes Haseemkunju told I&T yesterday that a storm of Sandy's magnitude might not be as rare as you think.
- New York's Department of Financial Services told insurance companies that hurricane deductibles should not be triggered (New York Daily News). The reasoning: Sandy's winds in New York were not of hurricane strength.
- A looming reality for Northeasterners: Higher insurance rates (Bloomberg Businessweek).
- A report says many New Jersey towns devastated by Sandy were not proactive in taking FEMA-recommended flood-mitigation steps (USA Today).