A Look Back at Superstorm Sandy: Performance of P&C Insurers in New York

by on Oct 31, 2013

One year after the devastation of Hurricane Sandy, residents across the tri-state area held vigils to pay their respects to those who did not surviveClaim form the storm. Estimated to be the second-costliest hurricane in U.S. history, the P&C industry will not soon forget the “Superstorm” and neither will their customers.

There are no shortage of angry claimants as a result of this devastation. A quick Google search of “Hurricane Sandy Insurance Outrage” yields roughly 14 Million results. YouTube, Twitter and Facebook searches all offer similar results. From law firms to politicians, the press and those affected, there are plenty of individuals unhappy with the storm response.

However, according to New York State’s Insurance Report Card page which monitors the performance of the top 24 P&C insurers in our hometown state, the numbers are actually quite good. Out of 395,488 claims, 80.8% of claims have been closed with payment, 17.6% closed without payment and only 1.6% are still open. Further, less than 1% of all claims have registered complaints.

 

New York State’s Insurance Report Card Page
New York State’s Insurance Report Card Page
Closing Thoughts
Although a vocal minority of customers are upset with the P&C industry about their Sandy experience, the numbers show that the majority of customers in New York State saw their claims addressed and received payment. Although Sandy was a terrible catastrophe, the statistics indicate that P&C insurers have met the needs of most of their New York customers.