Catastrophic events and rising temperatures linked to climate change continue to challenge insurers and their customers. Fortunately, power is being restored in areas affected by Hurricane Ida, but recovery is about more than turning the lights back on.
In this month’s Insurance News Analysis, Abbey Compton and I talk about the scale of Ida’s impact. Insurance customers in affected communities will look to their insurers for help recovering from damage and loss. Filing a claim is often the moment of truth for customers and a time when they are most attuned to the value of insurance products.
Power outages resulting from Ida left many households without power and exposed to stifling summer temperatures. It was a heartbreaking example of how heat-related deaths are becoming a bigger concern worldwide. Insurers will need to consider how to help customers mitigate the risks of rising temperatures and potential impacts across their product portfolios.
To react more quickly to such disasters, insurers are increasingly integrating real-time sensor data. While the technology is readily available, the workers needed to implement and operate it may not be. The insurance industry is facing stiff competition for talent, especially in filling technology, analytics, and actuarial roles.
The industry is also watching as plans for the Aon/Willis Towers Watson mega-merger are set aside. It’s been a long road for those involved. However, the sale of Willis Re is still on, as is continued consolidation and M&A activity across the industry.
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Insurers migrating to the cloud at scale are gaining savings and agility across the insurance enterprise. Find out more in our latest report: Reimagining insurance: The new cloud imperative.
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