I was all set to sit down and start writing this last 2012 commentary about what insurers are going to prioritize in 2013 and why: more focus on the consumer, developing strategies for attracting and retaining IT talent, modernization projects, etc. However, at press time, Superstorm Sandy had just delivered a blow to the United States and the insurance industry. As I write this (a week after Sandy struck), the death toll stands at 110, nearly 1 million New Jersey and 650,000 New York City area homes and businesses are still without power, 30,000-40,000 New Yorkers may need to be relocated, flood claims paid by the National Flood Insurance Program are expected to exceed $10 billion, exhausting the program's existing $4 billion in payment authority and insured losses are estimated at $10- 20 billion.
There is no argument that this is a historical event for the United States and for our industry. Claims adjusters are frantically running around with their tablets and insurers are camped out in their mobile CAT response units.
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