Sandy Will Cost Flood Program Up To $12B, FEMA Says

Law360, New York (November 14, 2012, 8:04 PM EST) -- A Federal Emergency Management Agency official said Wednesday the government-backed flood insurance program expects to take a $6 billion to $12 billion hit from Hurricane Sandy, making it very likely the heavily indebted program will soon turn to Congress to raise its borrowing authority.

Ed Connor, deputy associate administrator at FEMA's Federal Insurance and Mitigation Administration, told the Treasury Department's Federal Advisory Committee on Insurance that he estimates that Sandy would inundate the program with about 143,000 claims.

The National Flood Insurance Program has about $840...
To view the full article, register now.

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.