4. Beyond Models: The Importance of Underwriting in Non-Peak Perils - Highlights - From Convective Storms to Flood: The Growing Impact of Secondary Insurance Perils

3. Incentivizing Policyholder Risk Mitigation

Primary insurers should take a comprehensive approach to mitigate non-peak peril risk.

1. Higher Frequency, Localized Impacts: Understanding Non-Peak Perils

Non-peak or secondary catastrophe perils are characterized by high event frequency and localized occurrences that don't typically cause large single events, unlike peak perils such as hurricanes and earthquakes.

5. "Quiet Record Year" Yields Huge Natural Catastrophe Insurance Losses

2023 was a "quiet record year" with $93 billion in total insurance losses related to natural catastrophes, despite no major headline storms.

10. Simple Actions by Homeowners Help Boost Community Resilience

As trends continue, policyholders are likely to face higher prices, decreased coverage availability, and increased risk retention through higher deductibles. To mitigate these issues, resilience measures are essential.