From Convective Storms to Flood: The Growing Impact of Secondary Insurance Perils
The insurance industry is increasingly communicating with policyholders and the public about non-peak perils as more severe events and losses occur.
Customers are adjusting their deductibles and terms and conditions, either willingly or out of necessity, to purchase insurance due to inadequate coverage for non-peak perils.
The reinsurance market plays a crucial role in managing and mitigating risks in the insurance industry.
The primary question clients ask is about the insurance company's view of risk, particularly because there is no standard approach to pricing, capacity, or terms and conditions for non-peak perils.
2023 was a "quiet record year" with $93 billion in total insurance losses related to natural catastrophes, despite no major headline storms.
