36% of Consumers Would Switch Insurance Providers for Better Severe Weather Coverage, Insurity Survey Finds
36% of Consumers Would Switch Insurance Providers for Better Severe Weather Coverage, Insurity Survey Finds
Insurity’s 2024 Severe Weather P&C Consumer Pulse survey highlights growing consumer demand for advanced insurance solutions amid increasing severe weather events
HARTFORD, Conn.--(BUSINESS WIRE)--Insurity, the leading provider of cloud software for insurance carriers, brokers, and MGAs, today announced findings from its 2024 Severe Weather P&C Consumer Pulse survey, which gauges consumers’ opinions on severe weather and how it will impact their insurance coverage. Despite nearly half of Americans reporting they are confident in their current insurance plan to adequately prepare them for the potential financial impacts of severe weather events, consumers say they would switch to a provider that offers more comprehensive policies or invests in technology to simplify the claims process following severe weather.
This consumer sentiment comes as the United States has experienced 15 confirmed severe weather events with losses exceeding $1 billion each in 2024 alone, as of July 9, according to the NOAA National Centers for Environmental Information. This statistic highlights the financial risks posed by the increased frequency in severe weather, emphasizing the demand for more comprehensive insurance coverage.
The 2024 Severe Weather P&C Consumer Pulse survey found that 40% of Americans have filed an insurance claim due to severe weather conditions, with 74% of these claimants reporting satisfaction with their experience. These findings suggest that many insurance providers are successfully meeting their customers' needs during stressful and often devastating times.
However, despite this high level of satisfaction, the survey unveiled a notable readiness among consumers to switch providers. Over a third of respondents, 36%, expressed willingness to switch to an insurance provider that offers more robust coverage options for severe weather-related events. This openness indicates a market of well-informed consumers proactively seeking the best possible protection against the increasing unpredictability of weather patterns.
"The results of Insurity’s 2024 Severe Weather P&C Consumer Pulse survey are encouraging in terms of customer satisfaction. However, these results also emphasize the necessity for ongoing investment in insurance organizations’ offerings,” said Chris Lafond, Chief Executive Officer at Insurity. “As the frequency and severity of weather-related events continue to rise, it becomes mission critical for insurers to continue to invest in advanced technologies, and refining policies will be crucial in supporting consumers during these times of need and securing their trust in their insurance provider’s ability to protect their interests."
This survey was conducted in April 2024, and more than 1,000 adult participants were randomly selected across the United States to ensure a representative sample. Respondents were asked a series of 18 questions to gauge their opinions on severe weather and its impact on their P&C insurance coverage.
To learn more about Insurity’s 2024 Severe Weather P&C Consumer Pulse survey, please reach out to Elizabeth.Hutchinson@insurity.com.
About Insurity
Insurity is a leading provider of cloud-based software for insurance carriers, brokers, and MGAs. Insurity is trusted by 22 of the top 25 P&C carriers and 7 of the top 10 MGAs in the US and has over 400 cloud-based deployments. Through its best-in-class digital platform, unrivaled industry experience, and the industry’s most robust analytics offerings, Insurity is uniquely positioned to deliver exceptional value, empowering customers to focus on their core businesses, optimize their operations, and provide superior policyholder experiences. Insurity is a portfolio company of GI Partners and TA Associates. For more information, visit www.insurity.com.
