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XL Group’s chief executive says Superstorm Sandy will not be a capital event for the insurance industry, but he does think it will change the industry’s perception of risk.

“When this is all said and done, I don’t think any of us are going to feel that people were as well insured as they could have been,” says CEO Michael S. McGavick, speaking Nov. 5 during a conference call to discuss the insurer’s third-quarter earnings. He adds that several elected officials have admitted the region was not as prepared for the massive storm as it could have been either.

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