It's clear that 2017 is one of the most active hurricane seasons in several years, with Tropical Storm Philippe — the 16th named storm of the year — crossing South Florida and moving into the Bahamas on Oct. 29, the five-year anniversary of Superstorm Sandy. At the same time, the Northeast was facing a Nor'easter, bringing heavy wind gusts and high tides, causing power outages and localized flooding.
Superstorm Sandy, which pummeled the Eastern seaboard on Oct. 29, 2012, has been rated as one of the deadliest windstorms to have occurred in 40 years. Looking back on Sandy's landfall, Allianz Global Corporate & Specialty (AGCS) has released a new report titled "From Sandy to Maria: Increasingly Destructive 'Perfect Storms'."The report analyzes what made Sandy unique, the 2017 Atlantic hurricane season, and what policyholders can do to prepare for the "new normal" of extreme weather events.
AGCS notes that storms represent 40% of natural hazard claims, making them the fifth top cause of loss for businesses. Sandy caused total economic losses of $70 billion, but claims and court cases are ongoing, which may result in an increase in the total.
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Rosalie Donlon
Rosalie Donlon is the editor in chief of ALM's insurance and tax publications, including NU Property & Casualty magazine and NU PropertyCasualty360.com. You can contact her at [email protected].
