Hurricane Sandy unlikely to torment Mass. insurers
It’s too soon to draw firm conclusions about Massachusetts homeowner insurance claims in the wake of Sandy, but the early evidence is encouraging. The volume and nature of early claims suggest total insurance expenses will be less than tropical storm Irene last year, according to the state’s insurance commissioner, Joe Murphy. Executives who manage the pooled FAIR Plan coverage -- which writes more than 13 percent of all Massachusetts homeowner insurance and nearly 47 percent of policies on Cape Cod and the islands -- told me Thursday they had received just under 1,100 Sandy-related claims. That number will surely rise, but it’s less than half the 2,300 FAIR Plan claims eventually generated by Irene last year.