Hurricane Season Preparation: Using Analytics for Claims and Planning

Memorial Day marks the unofficial start of summer and the beginning of hurricane season on June 1. With an above-average activity forecast for 2024, businesses need to be prepared. The National Oceanic and Atmospheric Administration (NOAA) predicts an 85% chance of above-normal activity, expecting 17 to 25 named storms, including 8 to 13 hurricanes, of which 4 to 7 could be major. Warm Atlantic waters and La Nina conditions contribute to this outlook.

Businesses can leverage data and analytics to enhance storm preparedness and decision-making. NOAA and leading hurricane modeling firms like Moody’s RMS and Verisk provide detailed projections and event footprints to help anticipate losses. Brokers, such as Lockton, offer real-time alerts on predicted wind bands and insured values. Accurate data about property construction, occupancy, protection, and exposure (COPE data) is essential for these tools to be effective.

Advance planning is crucial for minimizing storm damage and business interruption. A detailed business continuity or disaster recovery plan should include loss prevention steps, safeguarding strategies, and accurate documentation of damages. Building connections with key team members and stakeholders, such as insurance claims advocates and restoration companies, can expedite recovery and claims resolution.