Florida insurance companies and their customers may feel some relief at the end of this year’s hurricane season. However, the recovery from the damage left behind by Ian and Nicole has only just begun. And so are questions about how the insurance industry will respond.
Abbey Compton and I will be participating in this month’s insurance news analysis Jane Tsutokiclaims expert and director of the board of directors of Sedgwick and Fortitude reinsurance. Jane shares her perspective on how the insurance company responded as Ian’s massive sacrifice is appreciated and Nicole is stagnant.
The storm of Ian’s size will test the readiness and resilience of affected businesses, but insurers have particularly difficult times to help restore their customers. Inflation and supply chain delays complicate already difficult tasks Evaluating repair costs In areas where complaints adjusters are difficult to visit.
These challenges are not specific to Florida. Catastrophic events related to climate change have affected other parts of the world due to extreme weather and flood damage. Southeast Australia is dealing with flooding, which has been ongoing for several months and has already been Record insurance claims in New South Wales.
Once costs are evaluated, strict decisions must be made. The price can be very expensive Coastal communities and other flood-prone areas. Cooperative efforts will be required on the part of the government and private sector to protect their interests and avoid retreat to the high altitudes.
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