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  • Insurance companies donate funds to post-Sandy recovery efforts

Insurance companies donate funds to post-Sandy recovery efforts

The amount of damage caused by Hurricane Sandy was not anticipated by the many organizations now working to restore buildings and transportation back to normal. As many as 16 states were affected, according to the Claims Journal, and insurance companies in Sandy-struck regions that need assistance with handling claims processing work are advised to consult the professionals at a claims vendor organization.

Currently, businesses across the U.S. East Coast have pledged at least $123 million to support the recovery of the damaged buildings and regions, with 66 percent of corporations pledging money directly to charity organizations, such as the Red Cross.

"Hurricane Sandy’s winds, rains and snow brought devastation and uncertainty to millions of people. The impact of Hurricane Sandy will be felt up and down the East Coast and even further West, and the road to recovery will be long for many families," Neal Litvack, American Red Cross chief development officer, told the news source.

A number of insurance companies are also providing aid to the recovery efforts post-Sandy. Some of these are: ACE Charitable Foundation, The Travelers Companies, Inc., QBE Foundation and Nationwide Insurance.

The ACE Charitable Foundation, for example, has donated $250,000 to the American Red Cross while the QBE Foundation offered $50,000 to support recovery in New York, New Jersey and Connecticut.

Hurricane Sandy caused a tremendous amount of damage and its winds were so strong that thousands of trees fell in New York and New Jersey. Experts have said that Sandy's winds were more powerful and took down more trees than any previous storm on record.

As such, insurance companies have been left with a high amount of claims processing and claims outsourcing may be the best option for insurers in this situation.

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