When a catastrophe occurs, it elevates the need for absolute precision. Insurance companies must exercise oversight when developing precise, comprehensive strategies that will enable them to meet policyholders' needs and demands while keeping various costs in check.
After all, there is perhaps no greater opportunity to reinforce the value of coverage, as well as having the insurer as an ally and resource. In order to make good on its promise to customers (both contractually and implied), an insurer must quickly deploy individuals and teams that possess the appropriate knowledge to accurately assess damages and apply skills and logic to, at times, improvise because no storm or situation is identical or necessarily predictable.
Until Hurricane Irene, a fierce storm bound for that particular large metropolitan area would have seemed a remote possibility. That was before Irene conjured up mass evacuations and more than a billion dollars in damages, especially to inland homes and not as much to coastal properties. Although Manhattan and other areas dodged the proverbial bullet, Irene nevertheless left millions without power for nearly a week and created insured loss between $1.5 and $2.8 billion, according to Eqecat's estimates at press time.
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