Reuters: Regulatory News: Hurricane Sandy claims may exceed insurance program funds-FEMA

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Hurricane Sandy claims may exceed insurance program funds-FEMA Nov 14th 2012, 20:06 WASHINGTON | Wed Nov 14, 2012 3:06pm EST WASHINGTON Nov 14 (Reuters) - The federal government's flood insurance program may not have access to enough funds to cover anticipated claims from Hurricane Sandy victims, a top official at the Federal Emergency Management Agency said on Thursday. Edward Connor, FEMA's deputy associate administrator for federal insurance, told an insurance advisory panel on Thursday that his agency is projecting a flurry of flood-related claims in the neighborhood of $6 billion to $12 billion. That is well above FEMA's current borrowing power, he said, which is maxed out at $2.9 billion. To extend it would require authorization from Congress, something Connor said he expects the Homeland Security Department will request soon.

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