Editor's Note: This article has been contributed by Michael A. Costonis, a managing director in Accenture Property and Casualty Insurance Services.
P&C insurers are still sifting through the wreckage left behind by Superstorm Sandy, and estimates for insured losses range widely, from $10 billion to $25 billion. At this stage of the post-mortem, insurers are focused on property damage, but losses from business interruption (BI) constituted a significant part of the total.
Insurers have found it difficult to process hundreds of thousands of claims at once. While this is understandable in light of the number of claims filed and the physical difficulty of getting to so many of the locations suffering damage, it does little for the industry's reputation when customers complain about slow response from their carriers at a time of great suffering and need.
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