PCI Highlights Strong Performance Of Insurers Post-Sandy
|Targeted News Service|
NATIONAL HARBOR, Md.,
In advance of Sunday's public hearing on catastrophe issues at the
"Our industry has been there, and will continue to be there, for coastal residents who suffered losses as a result of Sandy," said
Claim adjusters are doing their best to expedite the adjustment and settlement of claims.
"Due to the tight supply of hotel rooms, adjusters often must commute long distances to get to the affected areas," Snyder said. "Despite these logistical issues, one key statistic that stands out is that there have been more than 330,000 claims filed in
As the industry continues to work diligently to adjust and settle claims, there are also things that policyholders can do to help in the process.
"Policyholders can assist in the timely settlement of claims by promptly responding to requests for additional information from adjusters," Snyder said. "Consumers who promptly supply home inventories of personal property, receipts, contractor repair estimates, and any other requested information will help expedite the claims process."
In addition to helping get policyholders back on their feet, they are also working to protect consumers from further issues. For example, there is always the concern that flood-damaged vehicles may be sold to unsuspecting buyers.
"Consumers should be aware that a number of flood-damaged vehicles may be offered for sale in the aftermath of Post-Tropical Cyclone Sandy," Snyder said. "These vehicles may have significant mechanical problems with their electrical systems. Car buyers are well advised to order a vehicle history report in order to make an informed decision before buying a used car. PCI and the industry have worked with motor vehicle departments to set up expedited processing of salvage titles in order to speed up the claims process and properly brand the titles of flooded vehicles."
PCI is also striving to protect coastal residents when future storms hit by working with state governments on strengthening building codes and also finding ways to encourage residents to buy flood insurance, which is sold separately from standard homeowners' policies.
"Hurricane Irene and Post-Tropical Cyclone Sandy have drawn attention to the need for strong, uniform statewide building codes and responsible land use policies," Snyder said. "All coastal states benefit by periodically reviewing and updating their respective building code. PCI regularly partners with the
To help reduce or prevent future losses, PCI urges strong and effective mitigation measures and public information by government, and the allowance of risk-based pricing. This is consistent with an important international initiative on Disaster Risk Management, in which PCI participated, that was recently approved by the G20.
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