Media Coverage
Source: Forbes
Media Coverage
11.21.12
Peter Gillon, head of Pillsbury’s Insurance Recovery and Advisory practice in Washington, D.C., is quoted in Forbes’ The Communicators Blog about the way the insurance industry is handling both residential and commercial policyholder claims after Superstorm Sandy. This has been an opportune moment for the industry to invest in its own reputation, as concerns about the industry’s challenges are becoming more prominent.
With horror stories about inadequate coverage and excluded claims attracting media attention, insurers are depicted as impersonal and indifferent and Gillon, who represents major corporate policyholders, points out that the industry now enjoys a significant fiscal surplus.
“There were no other major catastrophic claims in 2012, their premiums have increased slightly, and the equity markets in which insurers invest have been steadily going up,” Gillon said. The industry can afford to be generous where possible with bottom-line pressures much lower, and it would be in their best interest to do so.
However, Gillon points out commercial policies are much trickier than residential coverage due to what the insurers can or cannot do on behalf of insureds, who are more inclined to stick to the terms because commercial coverage and pricing are often highly negotiated and therefore more favorable to the policyholder at the outset.