XL Group CEO Michael S. McGavick believes that Superstorm Sandy will not be a capital event for the insurance industry, but he does think it will change the industry's perception of risk in the Northeast.
“I believe the underwriting community will have to rethink with care what they should charge for risks in a region with such a complex concentration of values exposed to such storms,” McGavick said during a Nov. 5 conference call to discuss the carrier's Q3 earnings.
“When this is all said and done, I don't think any of us are going to feel that people were as well-insured as they could have been,” he added, noting also that several elected officials have admitted the affected regions were not prepared for such a severe weather event.
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