OLDWICK, N.J.--(BUSINESS WIRE)--In this A.M.BestTV episode at the Risk and Insurance Management Society, Inc.’s (RIMS) conference in San Antonio, TX, a panel of property/casualty leaders said the series of catastrophe losses in 2017 highlight the need to invest in loss prevention, better engineering and clear explanations of deductibles. Click on http://www.ambest.com/v.asp?v=rims4418 to view the entire program.
Swiss Re estimates $144 billion in natural catastrophe insured losses for the year 2017, the highest ever.
“An element of surprise was the sheer magnitude of the events and the compressed timeframe in which these hurricanes took place,” said George Stratts, president/chief executive officer, Lexington Insurance Company. “All of these catastrophes really taxed the infrastructure of the insurance industry. … From an underwriting perspective, some lessons learned were some of the lessons that, unfortunately, you learn again and again.”
Bret Ahnell, executive vice president, staff operations, FM Global highlighted the need for pre-emergency or business continuity planning.
“The catastrophes also really emphasized the importance of pre-loss planning from a loss prevention perspective. People need to know what to do. Going though that and having some type of a procedure to go through so you're not doing it for the very first time hours before the storm hits is really important.”
Other people that appear in this episode:
- Devin McGoldrick, chief broking officer, Aon; and
- Tom Varney, regional manager of Americas, Allianz Risk Consulting.
For full video coverage of RIMS, including exclusive executive interviews, visit http://www.ambest.tv/rims18.
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