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Fall Journal

Volume 27, Issue 4

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Business Continuity Planning Vs. ERM: A Superstorm Sandy Case Example

While trying to manage an unprecedented volume of claims from Sandy, many insurers with local claims offices and staff experienced extensive power, phone, and computer outages, not to mention property damage from flooding. Staff had limited access to transportation to both their offices and their clients. The logistics of just getting adjusters out to policyholders was a major issue for most companies, and companies also incurred significant additional expenses that they would not otherwise have had to deal with in other types of storms, such as extended lodging costs for on-the-ground adjusters due to shortage of hotel rooms because of either property damage, or full occupancy by displaced residents.