Despite substantial commercial insurance claims following Hurricane Sandy demand surge has been minimal to date, according to an industry expert.
Jason Taylor, assistant vice president of business development for Xactware, stated recently that price rises for labour and materials since the super storm has only been about two per cent.
Speaking at the Extreme Weather Insurance Risk Management Congress in New York. Taylor explained that demand surge was higher in the aftermath of other major storms, such as Hurricanes Katrina and Wilma.
According to Taylor demand surge after these events came in at just under the six percent mark. Better preparations before Sandy made all the difference.
Hurricane Sandy caused damage in 15 states, the District of Columbia, and parts of Canada.
Most of the damage was reported in New York and New Jersey. These states account for 85 per cent of the insured property damage, which includes losses involving commercial property, personal property, and commercial vehicles.
Along with New York and New Jersey other states registering substantial insurance claims are Pennsylvania, Connecticut and Maryland
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