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Kathy Burger
Kathy Burger
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8 Insurance Industry Impacts of Hurricane Andrew

Technology, regulation, construction and the P&C insurance industry itself all have changed since – and in some instances, because of – Hurricane Andrew, the category 5 storm that made landfall in south Florida on August 24, 1992. Here are eight ways that the catastrophe changed the way insurance companies do business.
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2. Consumers Benefit from Insurers’ Innovation

"Many positive results have taken place in the last two decades so property insurers and their customers are better prepared for large storms. Quick to embrace advances in technology, insurers are proactively implementing changes to ensure they are meeting their claimants’ needs more promptly. They are doing more to understand their catastrophe risk so they can respond to disasters more quickly and have the proper resources to assist claimants and make them whole after a loss. They are also striving to get legislation passed to enact additional mitigation programs that incentivize residents to fortify their homes.

Not only have insurers benefited from improved computer models, communications, and catastrophe responsiveness and other innovations that make their operations more efficient and bolster their financial capacity, but policyholders have also benefited. Consumers are able to access important information quickly from their insurer and they can be more assured of receiving help during times of distress. With more resilient homes, they can also have safer lives and more protection from future windstorms and other natural catastrophes. Sound legislative reforms will help to ensure available and affordable coverage for insurance consumers as well."

— Property Casualty Insurers Association of America (PCI), "Twenty Years of Progress: Advances in the Property Insurance Industry Since Hurricane Andrew"

Source: PCI

Katherine Burger is Editorial Director of Bank Systems & Technology and Insurance & Technology, members of UBM TechWeb's InformationWeek Financial Services. She assumed leadership of Bank Systems & Technology in 2003 and of Insurance & Technology in 1991. In addition to ... View Full Bio

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