Many U.S. Businesses Still Not Adequately Prepared One Year After Superstorm Sandy

As the one-year anniversary of Superstorm Sandy approaches in late October, Allianz Group’s specialist corporate insurer, Allianz Global Corporate & Specialty (AGCS), warns that while there is heightened awareness, many businesses have not yet implemented adequate changes.

A new Risk Bulletin from AGCS entitled ‘Superstorm Sandy: Lessons Learned – a Risk Management Perspective’ examines the cost of the disaster and outlines what businesses need to do now to ensure they can mitigate the adverse financial impact of future storm events.

Many AGCS customers were hit hard by Sandy, with the insurer responding to nearly 900 claims ranging from damaged cargo to flooded premises, and resulting in a total financial impact for AGCS of $113 million.

“Many businesses are not as prepared as they could be. Today, businesses need to prepare for the new normal of weather events and this can be a laborious process,” said Tom Varney, Regional Manager for Allianz Risk Consulting in the Americas. “For many companies it takes time—in some cases years—to appropriate funding and actually make the much needed changes. For others it may just be about focusing on the right things at the right time. Allianz is committed to helping clients identify vulnerabilities, mitigate risk and be as prepared as possible.”

Superstorm Sandy was the deadliest windstorm in the northeastern United States in 40 years and the second most costly in the nation’s history with many businesses and individuals still recovering from its damage.

Source: Allianz Global Corporate & Specialty