Personal Lines

While a recent report on executive compensation shows companies are seeking to limit increases for their top officers, a compensation consultant to the insurance industry says carriers had already adopted leaner increases before the Great Recession struck.

Earlier this month, AIR teams were deployed to survey damage in Rhode Island, Connecticut, New York and New Jersey. The commentary in this report provides an initial glimpse into the kinds of damage patterns caused by Hurricane Sandy.

With the latest round of take-outs, Louisianas last-resort insurer has reduced its policy count 43 percent since it reached an all-time high early in 2008.

The more than 100 homeowners who lost their homes to a fire after Superstorm Sandy struck Queens, N.Y. may be denied coverage because of anti-concurrent-causation clauses in homeowners policies, a consumer group warns, although an industry representative says claims in the area are currently being settled.

A financial analyst says losses from Superstorm Sandy could be even higher than Risk Management Solutions $20 billion to $25 billion estimate once infrastructure losses are factored in.

The Obama administration will ask Congress to raise the National Flood Insurance Programs borrowing authority to $25 billion, according to sources.