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  • Report: Catastrophe losses higher than average for first quarter 2016

Report: Catastrophe losses higher than average for first quarter 2016

As catastrophe insurance preferences change, carriers should be ready with appropriate service. While different trends don't erase the need for responsive adjusters and contractors, they do show the challenges facing some companies.

A new press release from Property Casualty Insurers Association of America and ISO Solutions described the 2016 income trends of property and casualty insurers. This source said that the average first  quarter total of catastrophe-related, direct-insured property losses since 2006 has been $3.1 billion. Compared to this, the first three months of 2016 brought $4.8 billion in such losses. 

In a statement ISO President Beth Fitzgerald described the recent storms that have added to overall catastrophe concerns.

"In the first quarter of 2016, insurers were affected by both one-time events and long-term trends," Fitzgerald said. "Severe hail in several southern states contribute to the highest first-quarter catastrophe losses in the U.S. since the 1994 Northridge earthquake."

"The first three months of 2016 brought $4.8 billion in such losses, one source said."

Carriers can look at both the larger picture of catastrophe-related losses and in the individual storms making up the trend. The Insurance Information Institute said that hurricanes and tropical storms accounted for 40.4 percent of these losses between 1993 and 2012. This was the single-most damaging type of disaster listed, with tornados representing just 36 percent of losses.

In the face of different disaster risks, policyholders need to know that their needs will be met. By the same token, insurers have to be able to trust their claims outsourcing and contracting services. Responding to claims across the country with the same level of effectiveness helps build a strong reputation.

BrightClaim brings several advantages to claims services support. These include a broad array of claims services customized to meet the specific needs of each client, a proven, metrics-driven approach and a consultative relationship with clients that helps ensure greater satisfaction and long-term commitment.

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