Commercial Lines

Insurance-industry officials this weekend voiced strong support for the Obama administrations request to raise the National Flood Insurance Programs borrowing authority by 50 percent.

More fidelity/crime insurance accounts are seeing rate increases as 2012 progresses, and overall, this segment of the market is described by insurance-broker Marsh as relatively stable in terms of both rate and available capacity.

The borrowing authority for the National Flood Insurance Program would be increased 50 percent, to $30.4 billion, as part of a Superstorm Sandy supplemental budget request submitted to Congress by the Obama administration late Friday.

Ace says it expects $380 million in fourth-quarter catastrophe losses from Superstorm Sandy, while the storm took a $95 million toll on results for Montpelier Re Holdings.

Rates in both commercial and personal lines insurance continued to increase through November, according to the electronic exchange MarketScout.

Federal Emergency Management Agency officials are girding for sticker-shock outrage from consumers as they prepare to implement across-the-board rate increases in the flood-insurance program.