Lessons Learned After Hard CAT Years: Certain Claims Attract Public Adjusters

 Tuesday, November 12, 2019

 Insurance Business

It has been quite the turbulent ride for catastrophe insurance providers in the past few years. The US has suffered a series of devastating hurricanes, kicking off on August 25, 2017, when Hurricane Harvey made landfall in Texas as a Category 4 storm.

It left a trail of destruction in its wake, which cost the insurance industry up to $20 billion.

Following Harvey in 2017 came two Category 5 strength hurricanes, Irma and Maria, one of which (Maria) became the second costliest hurricane to hit the US, causing insured losses of up to $30 billion.

It was surpassed only by Hurricane Katrina, which caused approximately $52 billion in insured losses in 2018. That year, more devastating storms made landfall in the US, with Hurricanes Florence and Michael causing up to $12 billion insured losses between them.

And those hoping for some respite in 2019 did not get what they were looking for, thanks to Hurricanes Barry and Dorian.
CatastrophePropertyRisk Management