WASHINGTON, Dec. 11 -- The Insurance Information Institute issued the following news release:
The post-Sandy recovery process is an effort by property insurers and reinsurers to help make policyholders and communities whole again, executives from the Insurance Institute for Business & Home Safety (IBHS) and the Insurance Information Institute (I.I.I.) told members of Congress and staff on Monday.
Debra Ballen, IBHS' general counsel and senior vice president of public policy, explained IBHS' focus is on rebuilding homes and businesses that are stronger and safer, and more resistant to the type of damage severe weather events, like Sandy, can cause.
"As residents impacted by this terrible event begin to put their lives, homes and businesses back together, IBHS wants to help them incorporate measures to make their new structures more hurricane-resistant for the next storm," Ms. Ballen said. "Because there will be a next storm."
Ms. Ballen outlined the top ten hazard mitigation and rebuilding lessons from Sandy, noting that strong, well-enforced building codes are effective in reducing property damage. In addition she said that disaster-resistant communities that are prepared for catastrophes will be much more resilient and able to recover faster after storms strike.
Dr. Robert Hartwig, an economist and president of the I.I.I., said insurance companies will be providing billions of dollars in insurance claims payments to people whose homes, businesses, vehicles, and boats were damaged by the storm. He noted that more than one million claims are being processed.
"The damage caused by Sandy across a large portion of the most densely populated region of the country will likely make this storm the third costliest natural disaster in U.S. history," Dr. Hartwig stated. "The nation's auto, home, and business insurers have the financial strength and human resources to disburse billions of dollars in Sandy-related claims to their policyholders as quickly as possible."
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