Historical Comparisons for Sandy Claims Coverage

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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