Loss Control

New York City's parks and beaches will be closed at noon on Wednesday for at least 24 hours as a new storm system approaches just over a week after superstorm Sandy devastated the region with widespread flooding and wind damage, the mayor said on Tuesday.

A housing crisis loomed in New York City as victims of superstorm Sandy struggled without heat in near-freezing temperatures on Sunday and nearly 1 million people in neighboring New Jersey shivered in the dark without power

Reinsurers should be able to absorb losses from Superstorm Sandy without a negative ratings impact, says Fitch Ratings. Meanwhile, Moodys Investors Service says the storm could, in a worst-case scenario, cause losses for the Combine Re catastrophe bond.

Investors who have put their money into specialist financial bonds which cover insurance companies from huge natural disasters are unlikely to be hit with big losses from monster storm Sandy even though it is one of the biggest ever to hit the United States.

While it is too early to give insured-loss estimates for storm Sandy, Risk Management Solutions says the impact on the East Coast appears much more severe than 2011's Hurricane Irene. Following are images of the damage left behind by the storm.

Risk Management Solutions says Sandy's impact on the East Coast is much more severe than last years Hurricane Irene. As emergency personnel, modelers and insurers assess the ultimate damage, some have connected the storm to hot topics such as federal risk-management strategies, insurers' disaster responses, and climate change.