Catastrophic events and rising temperatures linked to climate change continue to challenge insurers and their clients. Fortunately, power is being restored to areas affected by Hurricane Ida, but the recovery is about more than turning the lights back on.
In this month’s Insurance News Analysis, Abbey Compton and I discussed the magnitude of Ida’s impact. Insurance clients in affected communities will seek help from their insurers. recover from damages and losses. Filing a claim is often the moment of truth for clients and a time when they are most in tune with the value of insurance products.
Ida’s resulting power outages left many homes without power and exposed to suffocating summer temperatures. It was a heartbreaking example of how heat-related deaths they are becoming a major concern around the world. Insurers will need to consider how to help clients mitigate the risks of rising temperatures and the potential impacts on their product portfolios.
To react more quickly to such disasters, insurers are increasingly integrating real-time sensor data. While the technology is available, the workers needed to implement and operate it may not be. The insurance industry faces a tough competition for talent, especially in technology, analysis and actuarial functions.
The industry is also looking at plans for the Aon / Willis Towers Watson mega-merger they stand aside. It has been a long road for those involved. However, the sale of Willis Re continues, as does ongoing consolidation and M&A activity throughout the industry.
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