Bucking the trend of other property and casualty insurance companies hit hard by Superstorm Sandy, Markel Corp. reports its net income increased by 11 percent during Q4 2012.

Bucking the trend of other property and casualty insurance companies hit hard by Superstorm Sandy, Markel Corp. reports its net income increased by 11 percent during Q4 2012.

New York Gov. Andrew M. Cuomo is proposing to spend a chunk of Superstorm Sandy relief funds on buying out severely damaged homes and turning the properties into open space or flood plains, an idea that met with approval by industry interests.

New York Gov. Andrew M. Cuomo is proposing to spend a chunk of Superstorm Sandy relief funds on buying out severely damaged homes and turning the properties into open space or flood plains, an idea that met with approval by industry interests.

The order by New Jerseys governor standardizing the rebuilding codes along the states coast in the wake of Superstorm Sandy will help speed the process of rebuilding, but agents say property owners are just beginning to discover the implications this decision will have on their reconstruction plans.

A survey of Fortune 500 risk managers finds that most are willing to accept minor rate increases without making dramatic changes to their programs, according to an online survey released by Hanover Stone Partners LLC, a risk-management consultancy.

While commercial-insurance rates are on the rise, other factors could negatively affect fourth-quarter earnings for specialty and Bermuda insurers, according to a recent Stifel Nicolaus report.

Casualty rates climbed through the fourth quarter of 2012 and are positioned to continue their ascent in 2013, according to a recent report from Marsh.