Insurity Survey Reveals 56% of Consumers Face Higher Insurance Premiums Due to Severe Weather, Escalating Concerns of Severe Weather’s Impact on Property & Casualty Insurance
06 Agosto 2024 - 9:31AM
Business Wire
Insurity's survey also shows nearly three
quarters of Americans are concerned about how severe weather will
impact their insurance coverage over the next 5 years
Insurity, the leading provider of cloud software for insurance
carriers, brokers, and MGAs, today announced findings from its 2024
Severe Weather P&C Consumer Pulse survey, detailing consumers’
opinions on severe weather and how it will impact their insurance
coverage. The survey uncovered a growing unease among consumers
regarding the adequacy of their P&C insurance coverage in the
face of escalating severe weather events. The survey underscores
the urgent need for the insurance industry to adapt and leverage
technology to develop solutions that not only mitigate risk but
also enhance customer trust and retention.
According to the findings, 40% of Americans have had to file
insurance claims as a result of severe weather conditions,
emphasizing the direct impact severe weather has on communities and
the P&C insurance landscape. Furthermore, 27% of respondents
indicated that recent severe weather incidents have prompted them
to purchase additional types of insurance coverage, such as
policies for floods or earthquakes. This shift points to a
proactive consumer base that is increasingly aware of and
responding to the risks posed by severe weather events.
However, despite this proactiveness from consumers looking to
acquire more insurance coverage, the survey reveals a concerning
trend: 25% of respondents reported difficulties in obtaining
necessary coverage due to increasing severe weather risks, and 56%
of respondents experiencing an increase in their insurance premiums
over the last five years believe it is related to the rise in
severe weather events.
The survey also highlights a significant worry among Americans,
with 71% expressing concern over how severe weather will affect
their insurance coverage in the next five years. This prevailing
anxiety emphasizes the need for the insurance sector to reassess
risk management strategies and customer communication.
"The results of our latest survey reveal a critical shift in
consumer attitudes toward insurance as severe weather events are on
the rise,” said Chris Lafond, Chief Executive Officer at Insurity.
“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 organizations to innovate and strengthen their approaches
to risk assessment and customer engagement."
This survey was conducted in April 2024, and more than 1,000
adult participants were randomly selected across the United States
to ensure a representative sample. Respondents were asked a series
of 18 questions to gauge their opinions on severe weather and its
impact on their P&C insurance coverage.
To learn more about Insurity’s 2024 Severe Weather P&C
Consumer Pulse survey, please reach out to
Elizabeth.Hutchinson@insurity.com.
About Insurity
Insurity is a leading provider of cloud-based software for
insurance carriers, brokers, and MGAs. Insurity is trusted by 22 of
the top 25 P&C carriers and 7 of the top 10 MGAs in the US and
has over 400 cloud-based deployments. Through its best-in-class
digital platform, unrivaled industry experience, and the industry’s
most robust analytics offerings, Insurity is uniquely positioned to
deliver exceptional value, empowering customers to focus on their
core businesses, optimize their operations, and provide superior
policyholder experiences. Insurity is a portfolio company of GI
Partners and TA Associates. For more information, visit
www.insurity.com.
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Elizabeth.Hutchinson@insurity.com