DOBI head: 448,000 Sandy insurance claims total $4 billion in losses

TRENTON – More than 448,000 insurance claims have been reported in the state as a result of Superstorm Sandy that total about $4 billion in losses, according to the head of the Department of Banking and Insurance.

Commissioner Ken Kobylowski told Senate lawmakers Wednesday that 93 percent of those claims have been closed and he said his department is working “ceaselessly” to close out the remaining claims.

“Needless to say, it is our top priority to continue working with consumers until this recovery is complete,” Kobylowski said.

“To resolve the remaining claims, the department has established a mediation program that will allow consumers – free of charge – to avail themselves of a mediation service to settle claims and avoid lengthy and costly litigation,” he said.

Kobylowski testified before the Senate Budget and Appropriations Committee on the Fiscal Year 2014 budget.

The department, which is funded through assessments on the industries it regulates, has a FY 2014 budget proposal of $63.45 million – the same as FY 2013.

 

DOBI head: 448,000 Sandy insurance claims total $4 billion in losses