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 on the lights again.
In this month's insurance news analysis, Abbey Compton and I talk about the extent of Ida's impact. Insurance customers in affected communities will seek their insurance companies for help to recover from injuries and losses . Submitting a claim is often the moment of truth for customers and a time when they are most suited to the value of insurance products.
Power outages due to Ida left many households without electricity and exposed to suffocating summer temperatures. It was a heartbreaking example of how heat-related deaths became a major concern worldwide. Insurers need to consider how they can help customers reduce the risks of rising temperatures and potential effects in their product portfolios.
To respond more quickly to such disasters, insurance companies are increasingly integrating real-time sensor data . Although the technology is readily available, the workers needed to implement and operate it may not be. The insurance industry is facing fierce competition for talent especially when it comes to fulfilling technology, analysis and actuarial roles.
The industry is also watching as plans for Aon / Willis Towers Watson mega merger are put aside. It has been a long road for those involved. However, the sale of Willis Re is still ongoing, as is continued consolidation and M&A operations throughout the industry.
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