US flood risk is firmly under the spotlight as re/insurers, businesses and public officials come to terms with the devastating impact of hurricanes Harvey and Irma. Executive SummaryThere are plenty of lessons property/casualty insurance carriers can learn from Hurricanes Harvey and Irma and the claims aftermath of both. Here, Matthew Reid, managing director, JBA Risk Management USA, highlights five important ones
The re/insurance industry will be hit hard by the losses, so what are the lessons to be learned? I’ve listed our most important five below. But the unfortunate truth is, none of these “lessons” are new. Harvey and Irma have merely exposed the stark truth: the need for a better understanding of flood risk in the US.