A perfect storm appears to be brewing for homeowners and property insurers in the drought-plagued, wildfire-riddled U.S. West. Supply shortages and rising demand could add greatly to catastrophe losses caused by wildfires that occur this season.
Robust cybersecurity remains vital to reduce the negative impact of cyber risk, with a focus on mitigating or preventing attacks in areas such as internal governance and IT software, says S&P Global Ratings.
Robust global economic recovery, higher risk awareness and the strongest rate hardening for 20 years in non-life insurance commercial lines will combine to push premiums 10% above pre-COVID-19-crisis levels this year.
The mitigation message is getting out to homeowners, but along with that messaging, insurance agents in places like California must often deliver the difficult news of rate hikes or cancellations to customers.
Respondents in favor of texting with their insurers were also open to group chats with other providers within the insurance ecosystem, such as rental and towing companies, auto and home repair businesses, glass replacement shops and medical providers.
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