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their insurance policies to find coverage.
Looking forward, how can we learn
from this and better mitigate this sub-
stantial risk in the future?
Certainly, this was a wake-up call for
the northeast. It had been a while since a
significant hurricane or “superstorm” had
made landfall in this area, and I think
people tried to ignore the risk. I think the
single most important thing to be done is
for the insurance industry and the government to work together to update the
mapping for flood zones.
The public needs to know if they own
property that could flood. I also suspect insurers will reconsider deductibles and rates
especially for property close to the coastline. I would hope that these efforts might
discourage developing expensive property
in flood prone zones, but I admit that is unlikely in such a highly populated area.
Much thought needs to be given to improving our infrastructure. Many people
were without power for too long. Are
there cost effective ways to protect or
build a stronger electrical grid?
There are all kinds of things I think
individuals have learned, from buying
generators to getting a full tank of gas as
a storm approaches. Businesses should
have learned the importance of having
a sound business continuity plan, making sure electronic data is backed up, and
having a good insurance policy.
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What do you hope the audience will
take away from your talk at ACE?
I hope they will take away an understanding of what made this event unique,
but a realization that it could easily happen again. I want the audience to have a
healthy respect for the great job the insurance industry has done in dealing with
this event. I want to shine the light upon
a few claim issues and offer some suggestions for handling claims properly.
Finally, I hope I can trigger the audience to think about what we learned form
a claims standpoint in this event, so we
can apply that knowledge in dealing with
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