Changes to Underwriting, Rather Than Pricing, May Be Sandy’s Legacy

Superstorm Sandy may have put a dent in the insurance industry’s reversal of fortunes after a catastrophe-filled 2011, but commercial-property pricing may not increase as much as one might expect after the second-most damaging named storm to hit the U.S., a new report says.

In its “Marketplace Realities 2013 Spring Update,” insurance broker Willis says capacity remains abundant even for catastrophe perils. “Even with Sandy,” says Willis, “property losses totaled $65 billion in 2012, a 44 percent improvement over 2011‘s total, and the P&C insurance market saw policyholder surplus increase from $550 billion in 2011 to $570 billion in 2012.”

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