Learning From Hurricane Sandy
Learning From Hurricane Sandy
It has been a little more than one month since Hurricane Sandy tore across the East Coast, leaving a path of consequences in its wake. One of these consequences appears to be the growing realization we can expect ruinous weather-related events to recur with numbing frequency. Twenty of the thirty most expensive insured catastrophes worldwide from 1970 to 2011 have occurred during the past ten years. Thirteen of them were in the United States. According to Security Magazine, 30,000 people lost their lives due to weather catastrophes in North America from 1980 – 2011.
As risk managers and insurance professionals, we are uniquely qualified to help manage this sea change. Risks that were once unimaginable – flooded subway tunnels and washed-out roller coasters – have entered the historical record. It is our obligation to help organizations prepare for and mitigate these risks as they grow in frequency and magnitude.
Hurricanes Irene and Sandy were loud warnings regarding the next storm around the corner. Risk will remain present long after the last tree has been cleared and the final foot of cable has been restrung. While it is tempting to hope the next storm will not be so ruinous, heightened risk management and proper insurance coverage are twin pillars of a more dependable business strategy.
KMRD reduces the overall cost of risk for clients by producing a greater value for each insurance dollar spent, while utilizing an enterprise risk management approach to engineer the optimal solution. The firm’s diagnostic process is supported by its unique collaborative technology, KMRD XCHANGE ®
We are dedicated to anticipating risk and helping firms recover from unplanned events that wait on the other side of one minute from normal. Hurricane Sandy and its aftermath are all the reinforcement of this issue anyone should want or need.
To identify and correct coverage and service gaps in your insurance contact us at contactus@kmrdpartners.com before one minute from normal strikes your company.
