Climate change is affecting almost everyone in every region throughout the world. Whether it’s hurricanes off the Atlantic coast, flooding in Louisiana, hailstorms and tornadoes in the Midwest or wildfires in the West, climate change is forcing insurers to re-examine how they prepare for and support catastrophe claims.CatastropheInsurance Industry
Recent reports from the National Oceanic and Atmospheric Administration (NOAA) predict with 70% accuracy that the hurricanes that hit the U.S. this year will be major ones -- category 3, 4 or 5, with winds of 111 mph or higher.
The intense storms present multiple challenges for insurers, including how to manage the rising number of catastrophe claims.
For insurance companies to provide the support that their customers need, it’s critical to leverage technologies that improve weather modeling. This helps insurers adapt to weather-related catastrophes and improve how they make decisions.
By improving weather modeling and analyzing data and damage from past weather catastrophes, insurers can provide better support (both virtually and in-person) to customers during difficult times.