Florida insurance companies and their customers may feel some relief at the end of this year’s hurricane season. But recovery from the damage left by Ian and Nicole has only just begun. So is the question of how the insurance industry will respond.
Abby Compton and I are joined in this month’s insurance news analysis by: jane tutoki, an insurance claims expert and a director on the boards of Sedgwick and Fortitude Reinsurance. Jane shares her perspective on how the insurance company responded as Ian’s huge compensation was assessed and Nicole was forced to pay.
Ian-class storms will test the preparedness and resilience of all affected businesses, but insurance companies are particularly struggling to help their customers recover.Already a difficult challenge due to inflation and supply chain delays Repair cost assessment Areas that are difficult for insurance claims adjusters to visit.
These challenges are not unique to Florida. Catastrophic events related to climate change are also impacting other parts of the world, including extreme weather events and flood damage. Southeastern Australia is already dealing with flooding that could last for months, with damage already being done. Recording an insurance claim in New South Wales.
Once costs are evaluated, difficult decisions must be made. Fees can be prohibitive in coastal communities and other flood-prone areas. A concerted effort from government and the private sector will be needed for customers to protect their interests and avoid a setback.
Accelerating the future of insurance: Modernizing technologies such as AI and cloud-powered data analytics can help insurers achieve profitable growth through both increased revenue and reduced costs.
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