Preparing For Storm Season

The storms of life exist to teach valuable lessons -- literally and figuratively. In the world of insurance, post-catastrophe analysis is crucial for making effective changes in a response plan to continue improving year over year.

With insured losses around the world reaching $115 billion in 2022 due to natural catastrophes, and economic losses even higher at an estimated $268 billion, extreme weather wreaks havoc that calls for deeper analysis with a clearly planned strategic response.

Individuals with varying perspectives and skill sets contribute to report on the comprehensive results of a particular storm season. We want to see the good and the bad; once we get these valuable insights, we can learn and adapt appropriately.

The problem arises when these reports are reviewed, adjusted and documented within the Catastrophe Response Plan (CRP) only to be tucked away without any changes being implemented based on the findings.

Opportunities to learn from the lessons in the analysis are lost, and before we know it, the next storm season is upon us, and the cycle continues.

Claims Pages Staff Writers are dedicated professionals covering a broad spectrum of insurance topics, including auto, catastrophe, education & training, fraud, legislation, liability, life & health, litigation, property, risk management, technology, underwriting, and workers' compensation. With over 25 years of distribution, our publication brings you accurate and timely information to keep you informed and ahead in the claims industry.