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Occasionally I get asked about the challenge of maintaining the momentum for positive change within the property insurance market in a year when hurricane season is relatively mild or catastrophic losses are not extreme. It is true that over time the sense of urgency from policymakers and the public can dissipate as the memories of the last major storm or crisis fade. However, at the same time the biggest benefit from a fairly normal year like 2014 is time.

The insurance industry use these periods to stress to policyholders the importance of preparing their homes for natural disasters and becoming both physically and financially ready for whatever Mother Nature has in store. Additionally, insurers can use the years when hurricanes do not hit or cat losses are moderate to build up capital reserves so they can afford to pay claims when events do occur. The quiet years also allow policymakers time to develop longer-term solutions that can ultimately strengthen homeowner insurance markets.

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