Natural catastrophe preparedness in a changing environment
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In 2017, global insured losses from natural and man-made catastrophes reached an all-time high of USD 144 billion, and 2018 was the fourth highest year on record. Insurers and reinsurers need to review their natural catastrophe response plans with a renewed perspective. The human resources available to respond are diminishing, while technology is developing at a pace that can be overwhelming. Not only is it important to have a plan, but to adapt that plan to the evolving claims environment.
This paper examines how insurers can adapt their claims practices and keep their promise to their customers in light of the new normal for catastrophes.