The effects of rising claim payouts after recent hurricanes
Here are the insights insurance pros and policyholders need to know to navigate the 2022 hurricane season.
Previously, a “catastrophic season” may have indicated a certain period over the course of the year, but over the past few years, it’s become clear that severe weather and natural disasters can occur regardless of time and place. Insurers and policyholders no longer have to just worry about “hurricane season” in the Gulf and the Mid- and South Atlantic states or ice storms and snow squalls in the north. It’s now important to be prepared for a variety of major storms, fires, blizzards, and other various types of weather.
Inclement weather and natural disasters will happen; there’s no way for any organization to prevent them. That said, organizations should have emergency preparedness plans in place — ones that can easily be implemented when Mother Nature rears her ugly head. Insurers can help encourage organizations to create these plans in an effort to protect their physical businesses, their employees and (hopefully) return to work as quickly as possible.
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