5 Critical Actions to Take Before the Next Natural Catastrophe
The hurricane seasons of 2017 and 2018 — the costliest back-to-back hurricane seasons on record — represent a turning point in how both insurers and their insureds prepare for catastrophes.
A severe storm season is bound to strike every few years, but awareness is rising that the frequency of such devastating catastrophes is not likely to diminish, and the economic impact will continue to grow due to parallel trends in population growth and commercial development.
“More people are choosing to live and work in catastrophe-exposed areas like coastal regions and dry, heavily forested areas where wildfires can occur,” said Patrick Daley, head of Large Property insurance at The Hartford. That means more homes and more businesses — and an increase in property loss when a disaster does happen.
The catastrophes themselves are also evolving. Storms become more powerful more quickly and are taking unusual trajectories, making them less predictable.
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