We continue to see numbers rolling in assessing claims coverage in the wake of Superstorm Sandy, and today, PCI released an infographic that points out an historic number of claims, and a response consistent with industry expectations.
The statistics indicate that of the more than 500,000 Sandy-related claims filed in New York, 98.5 percent have been closed with payment—according to PCI, the formal complaint rate is less than 1 percent.
Sandy resulted in approximately 1.5 million claims overall, 92 percent of which were completed at four months. This compares pretty well with historical examples provided: Hurricane Katrina resulted in 1.2 million claims and 96 percent were completed at six months. And after Hurricane Wilma, 92 percent of the roughly 1 million claims filed were completed at four months.
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