Eye on Sandy: Loss Estimates Double, N.Y. Exempt from Hurricane Deductibles

The New York State Department of Financial Services told insurers that deductibles should not be triggered because Sandy did not sustain hurricane-force winds when it hit the city.

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).

Nathan Golia is senior editor of Insurance & Technology. He joined the publication in 2010 as associate editor and covers all aspects of the nexus between insurance and information technology, including mobility, distribution, core systems, customer interaction, and risk ... View Full Bio