Many AGCS customers were hit hard by Sandy, with the insurer responding to nearly 900 claims ranging from damaged cargo to flooded premises, and resulting in a total financial impact for AGCS of US$113 million. Despite the immediate disruption, AGCS claims adjusters were deployed to clients immediately following the storm and issued the first advance payment of $2 million within 48 hours.
“Many businesses are not as prepared as they could be. Today businesses need to prepare for the new normal of weather events and this can be a laborious process,” said Tom Varney, Regional Manager for Allianz Risk Consulting in the Americas. “For many companies it takes time—in some cases years—to appropriate funding and actually make the much needed changes. For others it may just be about focusing on the right things at the right time. Allianz is committed to helping clients identify vulnerabilities, mitigate risk and be as prepared as possible.”
Superstorm Sandy was the deadliest windstorm in the northeastern United States in 40 years and the second most costly in the nation’s history with many businesses and individuals still recovering from its damage. As terrible as the storm was, there are important business lessons to be learned in its aftermath.