Industry Group Testifies on Sandy Claims Handling Process in New York

An insurance industry association testified about insurers’ response to Superstorm Sandy and the lessons learned at a hearing Tuesday before the New York Assembly Standing Committee on Insurance. The American Insurance Association said the insurance industry’s performance in handling a record number of claims post-Sandy has been “remarkable.” AIA also said that many consumers remain unaware of the differences between homeowners insurance and flood coverage. The association also cautioned the legislature against mandating “unrealistic and counterproductive” claims adjusting requirements.