Risk Management

The National Flood Insurance Program is likely to run out of money to pay Superstorm Sandy claims, meaning it will probably need Congress to authorize a loan, a FEMA official says.

New Jerseys top insurance regulator says he is satisfied with the industrys response to Sandy at this point, noting that the department has received no more than four written complaints from consumers so far.

S&P believes reinsurers can withstand losses well outside the range of current estimates, but says some market participants believe loss amounts could be 30-50 percent higher than estimated due to the hurricane-deductible debate in some states.

A ban on European Union insurers covering Iranian oil exports has forced shipowners to fall back on new, untested insurance providers, raising fears that governments may have to pay in the event of an oil spill.

South Carolina Gov. Nikki Haley today named Ray Farmer as director of the state's insurance department. Farmer is a long-time executive with the American Insurance Association.

The Congressional Budget Office has projected that passage of legislation that would streamline enforcement of the Medicare Secondary Payment program would save the government money.

While one industry representative blasted states decisions to bar insurers from invoking hurricane deductibles after superstorm Sandy as an act of political expediency that will result in higher rates, another says he believes the state officials acted within the letter of the law.

The halls of state capitols may be still these days, but insurers continue to contend with upcoming Jan. 1, 2013 effective dates.