Insurity, a provider of cloud software for insurance carriers, brokers, and MGAs, has released insights from its 2024 Severe Weather P&C Consumer Pulse survey.
This survey highlights consumers’ concerns about their property and casualty (P&C) insurance coverage in light of increasing severe weather incidents.
It reveals a rising anxiety among consumers about whether their coverage is sufficient.
The findings stress the necessity for the insurance industry to evolve and use technology to create solutions that address risks and build greater customer trust and loyalty.
The survey reveals that 40% of Americans have filed insurance claims due to severe weather, highlighting the substantial impact such events have on both communities and the property and casualty (P&C) insurance industry.
Additionally, 27% of participants reported that recent severe weather incidents led them to seek additional insurance coverage, such as flood or earthquake policies. This trend indicates that consumers are becoming more proactive and aware of the risks associated with severe weather.
Despite this proactive approach, the survey also uncovers a troubling issue: 25% of respondents faced challenges in securing adequate coverage due to escalating severe weather risks, and 56% who have seen an increase in their insurance premiums over the past five years attribute this rise to the frequency of severe weather events.
Moreover, a significant 71% of Americans are concerned about how severe weather will impact their insurance coverage over the next five years.
This widespread concern underscores the need for the insurance industry to re-evaluate its risk management practices and improve communication with customers.
Chris Lafond, Chief Executive Officer of Insurity, commented: “The results of our latest survey reveal a critical shift in consumer attitudes toward insurance as severe weather events are on the rise. As these events become more frequent and intense, it’s imperative that the insurance industry reevaluates its products and services to ensure they meet the evolving needs of consumers.”
“The rising concern among policyholders is a clear call to action for P&C insurance organisations to innovate and strengthen their approaches to risk assessment and customer engagement.”
Conducted in April 2024, this survey involved over 1,000 randomly chosen adults from across the United States to ensure a diverse and representative sample. Participants answered 18 questions designed to assess their views on severe weather and how it affects their property and casualty insurance coverage.
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