NEW YORK — The insurance industry can be more than just a way to deal with risk in society, and can be used as "a catalyst for positive change in society," New York's top regulator said here Friday.
Benjamin Lawsky, superintendent of New York's Department of Financial Services, said during an Insurance Federation of New York luncheon that the insurance industry "performed beautifully" during Superstorm Sandy last year, but added that insurers can now take a leadership role as the state enters the rebuilding process.
He said, "We really need people along the coast, as they rebuild, to take mitigation measures and raise their homes up so we're not dealing with the same problem year-in and year-out when we have these 100-year floods that seem to be happening every year or two."
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