Sandy’s diameter made it the largest Atlantic hurricane on record in terms of the span of tropical storm-force winds, according to catastrophe modeling firm AIR Worldwide. The huge radius helped to keep the winds at Category 1 intensity and allowed …
The Depository Trust & Clearing Corp., which processes financial transactions and stores securities, has begun the long process of recovering about 1.3 million soaked securities that were stored in a 10,000-square-foot underground vault in a lower Manhattan skyscraper flooded by …
The scenes rolling in from the New Jersey shore are devastating, and not just to the people whose homes were destroyed. Also damaged are the “retire with a water view” dreams of others who had aspired to vacation property and …
According to the latest estimates, Superstorm Sandy could cost insurers up to $20 billion in insured losses and up to $50 billion in economic losses. Tom Teixeira, a practice leader in Willis Global Solutions, said the numbers are not surprising. …
Superstorm Sandy has caused damage to thousands of cars in the Port of New York and New Jersey that were heading to vehicle sales lots around the region. Port Authority spokesman Steve Coleman says 16,000 cars were damaged in the …
When the power went out after Superstorm Sandy blew through, some New Jersey officials put emergency generators in their homes and businesses. According to published reports, at least four New Jersey officials are under fire after taking public generators for …
New York officials say they’ve set up 24-hour phone service to answer questions from Superstorm Sandy victims about insurance and to help consumers file complaints. The Department of Financial Services hotline has been operating from 8 a.m. to 8 p.m. …
Superstorm Sandy‘s impact the catastrophe bond market is likely to be muted based on current estimates, with little impact on new pricing, according to Willis Capital Markets & Advisory (WCMA). The scope and scale of the storm makes it unlikely …
Some Manhattan office buildings badly damaged by SuperStorm Sandy two weeks ago are coming back on line faster than even their owners predicted. One New York Plaza will allow the first group of its tenants to move back in Monday, …
Damage from storm surge and flooding caused by Superstorm Sandy is widespread and extensive, but there is only minor damage to buildings from direct wind, according to a report released by Willis Re, the reinsurance arm of Willis Group Holdings, …