The effects of Superstorm Sandy are still being evaluated by insurers, as Isabel Silvestri, president of the APIW, heard at the association’s first luncheon of the season.
October 29 marks one year from the time when Superstorm Sandy made landfall in the tri-state area leaving widespread damage and destruction. About 1.55 million Sandy-related insurance claims followed, with total insured losses estimated at around $18.8 billion, making it the third costliest storm in US history, according to the Insurance Information Institute.
While many home and business owners are still complaining that their claims remain open, media reports indicate that insurers have paid 93 percent of Sandy claims. One thing everyone agrees on—the coverage issues are complex, starting with the ‘water versus wind damage’ conundrum and progressing to anti-concurrent causation clauses, evaluating business interruption claims, repair versus replacement value, exclusions and numerous other issues. So, we at the Association of Professional Insurance Women (APIW) wanted to host an informative event which looked at how the insurance industry is doing one year later.
On September 19 we kicked off with the first of our monthly APIW luncheons at India House in New York. Charles Duca, senior vice president of Marsh USA, Deirdre Johnson, partner at Crowell & Moring and Greg Schiffer, managing director & chief property underwriter for North America at Swiss Re America came together to present an afternoon of education focusing on how the industry is coping one year after Sandy. Cheryl Vollweiler, partner at Traub Lieberman Straus & Shrewsberry chaired the discussion, which was attended by 65 members.
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Insurance, US, Sandy, Isabel Silvestri, APIW