Rock and a hard place – Sandy highlights the value of insurance
Six weeks ago we started publishing this series of articles that discuss the social and economic value of insurance. Since then, hurricane Sandy struck the Eastern Seaboard of the US, devastating a heavily populated part of the developed world and in so doing focused acute attention on the behaviour and performance of insurance and insurers. For better or worse, the industry’s reputation will again hinge on the performance of its claims handling, while the more macro role of insurance as a stabiliser for individuals, institutions and economies will be much less considered and discussed