Insurance regulators in New Jersey and New York — the two states hardest-hit by Superstorm Sandy — report that insurers have settled 93 percent of the claims they received in the wake of Sandy, according to the US Insurance Information Institute. Bearing in mind this storm only occurred back in last October that is a super human effort.
More than half of the 1.5 million claims for Sandy-related damage to homes, vehicles, boats and businesses were lodged in either New York State or New Jersey. The others were filed in a dozen other states as well as the District of Columbia.
It is estimated that insurance companies will pay out an estimated $18.8 billion in claims to their policyholders, making Sandy the third costliest storm in U.S. history, as defined by insurance claims payouts.
Hurricane Katrina in 2005 ($48.7 billion) and Hurricane Andrew in 1992 ($25.6 billion) were larger insurance events. Both of those claims payout numbers are expressed in 2012 dollars; moreover, Katrina and Andrew were hurricanes when they made landfall whereas Sandy was a post-tropical cyclone.
In Australia the latest estimate of the flooding in Queensland and New South Wales at just over $1 billion with the bulk of the losses ($908 million) being in Queensland.
What continues to stagger me is that few businesses are insuring their property in Queensland now than were being insured before the 2011 floods. Across Australia, less businesses are insuring against business interruption. How does any prudent business owner hope to survive a natural disaster like these storms without the protection of adequate insurance?
I again any business owner to speak with a good insurance broker and ensure that your life’s work is properly protected/insured. It is no good just hoping for the best. You need to plan and insure for the worst to protect all that you have worked for.
Insurance regulators in New Jersey and New York — the two states hardest-hit by Superstorm Sandy — report that insurers have settled 93 percent of the claims they received in the wake of Sandy, according to the US Insurance Information Institute. Bearing in mind this storm only occurred back in last October that is a super human effort.