Four useful ways to efficiently determine BI losses after catastrophes

Damaged aircraft from Hurricane Dorian at the airport in Freeport, Bahamas, in September 2019. (Photo Yussuf Aleem)

The only thing unpredictable about the summer season is not if there will be wildfires, tornadoes, hurricanes and severe storms, but when and how many there will be. Unfortunately, 2020 was another record-breaking year for natural disasters in the U.S., in part due to wildfires in the West and hurricane activity in the South and East, which meant insurers were busier than ever. The National Oceanic and Atmospheric Administration (NOAA) is predicting that the upcoming hurricane season could be another busy one.

To help prepare for the inevitable influx of business interruption (BI) claims this summer, here are some methods insurers can incorporate into their routine to manage BI losses more efficiently so policyholders can return to work more quickly and lessen their financial damages.