When Hurricane Sandy struck the Northeastern United States inOctober 2012, many corporate risk managers and insurance companieswere taken by surprise. Few were prepared for hurricane-force windsin Atlantic City, New Jersey, or for the storm surge that hit NewYork City. Total damages are estimated at more than $50 billion,making “Superstorm Sandy” the second-costliest hurricane in U.S.history.
As a result, insurers are reconsidering the pricing and terms ofpolicies for businesses up and down the East Coast. Now that the2013 hurricane season has arrived, Treasury &Risk asked Al Tobin, national property practice leader forAon Risk Solutions, what finance and risk managers should be doingto prepare their businesses for the next major storm.
T&R: What impact did HurricaneSandy have on the insurance industry in the U.S.?
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