12/19/2012

Between the Lines: December 2012

Dr. Robert Hartwig, president of the Insurance Information Institute, is one of four who answered the question, "What lesson will Sandy impart to insurers?"

By Bevrlee J. Lips

“What lesson will Sandy impart to insurers?”

“Sandy affirmed what insurers have known for years: The frequency and severity of Atlantic hurricanes pose long-term pricing and underwriting challenges to our industry.”

-Dr. Robert Hartwig, President, Insurance Information Institute. CLM Member since 2010.

 

“It is too early to tell how insurers are going to react to claims from a coverage perspective. Hurricane Sandy will force insurers to re-evaluate their market concentration in certain areas, as well as their predictability models.”

-Laura Cornish, Director, Risk Management, Honeywell. CLM Member since 2009.

 

“Sandy is another wake-up call that freakish disasters are ‘the new normal,’ and carriers that develop financial and claims handling capacity proactively will be best positioned to weather the storm, figuratively and literally.”

-Kevin Quinley, CLM Advisors and Quinley Risk Associates. CLM Member since 2008.

 

“Living in a community that was smashed by Sandy, I would cite three lessons:  1) the 100-year storm does happen; 2) no technology or climate science models can adequately protect us or prepare us; and 3) mankind is not to blame for nature’s whims.”

-Ara Trembly, Founder, Ara Trembly, The Tech Consultant. CLM Member since 2012.

 

“Our members are supporting our efforts to alert the public to potential fraud—from damaged vehicle sales to towing companies gouging owners and insurers to repairs companies that take the money and run. The criminals learn, too, and we must remain vigilant.”

-Jim Schweitzer, Sr. VP and Chief Operating Officer, NICB


 

34

The highest snowfall reported, in inches, when Hurricane Sandy combined with a nor’easter. 
Source: National Hurricane Center

 

39

The highest wave height, in feet, associated with Hurricane Sandy.

Source: NOAA’s National Data Buoy Center

 

7.5  Million

The number of people left without power during Hurricane Sandy.

Source: Fox News

 

$50 Billion

Post-landfall estimates for total economic damage from Hurricane Sandy, $20 billion in insured losses.

Source: Eqecat

 

$15,000

The amount raised by CLM and its members for Sandy victims, as of Nov. 20.



Bevrlee J. Lips was managing editor of Claims Management magazine (now CLM Magazine) from January 2012 until March 2017.

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