Sandy-Damaged Vehicles Hit 230,000 Mark

The losses from Sandy keep piling up. On Nov. 26, AIR Worldwide substantially raised its estimate of total insured losses to between $16 billion and $22 billion, while the National Insurance Crime Bureau (NICB) revised its projections about the total number of vehicles swept away by Superstorm Sandy.

Based on claims information provided from the Insurance Services Office, Inc. (ISO), a subsidiary of Verisk Analytics, the NICB now estimates that at least 230,000 vehicles were damaged in the storm. Not surprisingly, New York logged the most damaged vehicles, with 130,000 claims. Meanwhile, New Jersey has reported 60,000 auto claims.

The remaining 40,000 claims analyzed and reviewed by insurers were filed by insureds in Connecticut, Delaware, District of Columbia, Maine, Maryland, Massachusetts, New Hampshire, North Carolina, Ohio, Pennsylvania, Rhode Island, Vermont, Virginia, and West Virginia.

See also: Beware of Storm-Damaged Cars Flooding the Market

As of Nov. 5, Progressive Corp. had received 6,000 claims from Sandy. At the time, Progressive Corp. CEO Genn Renwick expected most of those would be total losses. It is not yet clear how many of the 230,000 vehicles are total losses. Some of the damaged vehicles may have only sustained minor scratches from flying debris, whereas may have been submerged for days and thus rendered total losses.

Moreover, the NICB notes the preliminary nature of the figures, which may change as additional claims are received and processed.

In addition to the NICB, several industry organizations and consumer advocacy groups are forewarning consumers about the potential resale of flooded—and otherwise “totaled”—vehicles.

Comments

Resource Center

View All »

Increase Sales Conversion with this Complimentary White Paper

This whitepaper will share proven techniques - used by many of the industry's top producers...

D&O Policy Definitions: Don't Overlook These Critical Terms

Unlike other forms of insurance where standard policy language prevails, with D&O policies, even seemingly...

Environmental Risk: Lessons Learned from Willy Wonka and the Chocolate...

Whether it’s a chocolate factory or an industrial wastewater treatment facility, cleanup and impacts to...

More Data, Earlier: The Value of Incorporating Data and Analytics...

Incorporating more data earlier in claims lifecycles can help you reduce severity payments by 25%*...

How Many Of Your Clients Are At Risk Of Flood?

Every home is vulnerable to flooding. Learn four compelling reasons why discussing flood insurance with...

Gauging your Business Intelligence Analytics Capabilities and the Impact of...

Big Data, Data Lakes and Data Swamps, How to gauge your company's Big Data readiness....

Extending Contact Center Capabilities Across the Insurance Enterprise

Today advancements in technology are making a big impact on business and society. To yield...

Drug and Alcohol Testing Requirements

In this two-part series, NBIS Risk Management team will break down the requirements to assist...

Why Cyber Liability is Essential for Human Service Organizations

For traditional low-tech operations, information is often compromised in ways that don't involve technology. Access...

A Solution for Large Commercial Habitational Accounts

6 Reasons to place your LARGE Habitational Accounts with Dauntless.

Claims Connection eNewsletter

Breaking news on disasters, fraud, legal trends, technology, and CE initiatives for the P&C claim professional – FREE. Sign Up Now!

Claims-Handling Guidelines

Claims Magazine is providing the following free guidelines and regulations in order to help adjusting professionals stay abreast of each state’s unique property and casualty claim-handling requirements.

View our State Guidelines »

Advertisement. Closing in 15 seconds.