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Improving Risk Management Modeling with Address Verification

While every event is unique in its scope and impact, good risk management practices advocate that we apply what we have learned to the future.

By Lester Pierre | Updated on May 14, 2014

Risk managers often need to assess the financial impact of catastrophes, such as hurricanes, tornadoes and severe weather, on their portfolios. These assessments evaluate the potential cost of a catastrophic event and help insurers manage their exposure and set their reserves. And while every event is unique in its scope and impact, good risk management practices advocate that we apply what we have learned to the future.

Hurricane Sandy, also known as “Superstorm Sandy,” the second-costliest hurricane in U.S. history after Hurricane Katrina, has been important in helping risk managers learn more about assessing catastrophic events. Damage estimates in the U.S. amounted to $35 billion, according to Lloyds of London. The storm affected 24 states, including the entire eastern seaboard from Florida to Maine, with particularly severe damage in New Jersey and New York.

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