Swiss Re have recently released a report on weather disaster-related damages that have happened so far in 2013, and the amount of money spent on it around the globe. In results that may have been unsurprising to claims processing firms did follow major trends.
The first six months of this year alone have seen a total of $20 billion in flood damage, primarily due to the separate flooding events in Europe, Canada and Australia. Of that number, only around $7 billion of the damages were insured.
In general, the financial damage caused by dangerous storms so far is actually lower—claims were $10 billion higher during the same period last year. However, in the release on its official website, Kurt Karl, the company's Chief Economist, hinted that more damage may be still to come in the later seasons of the year.
"Though 2013 has so far been a below-average loss year, the severity of the ongoing North Atlantic hurricane season, and other disasters such as winter storms in Europe, could still increase insured losses for 2013 substantially," Karl writes. According to the data, 2011 was by far the year with the highest uninsured losses, both in the first six months and over the course of the whole year.
Outsourcing claims processing can be a tactic taken by insurance groups who see opportunities for improving the way that they handle high volumes of similar claims. Monitoring past storm data may give firms a better idea of when it is necessary to have additional help onboard and what this means for the immediate future of the industry.