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  • Report: More catastrophe coverage needed

Report: More catastrophe coverage needed

Insurance providers that seek help from independent adjuster firms will find it easier to handle catastrophe-based claims in trying times. Although this is always important, the New York Times suggests that a vast amount of disasters are not covered by major insurance companies, and since severe weather damage is increasing, more properties in vulnerable regions are unprepared for storms.

The Times article calls the current insurance trend a "retreat," saying that providers are reluctant to grant policies to property in high-risk areas. It cites a report from sustainability group Ceres, which said that the amount of damage that is insured in the case of major hurricanes has declined since 1970. Out of 330 different companies, it found that 85 percent have been underperforming when it comes to insuring climate change-based storms. 

"In the long run these coverage retreats transfer growing risks to public institutions and local populations, and reduce the resiliency of communities, which are less able to finance post disaster recoveries," the Ceres report says.

With floods becoming more common worldwide and the costs of recovery increasing, the situation is a potentially dire one for both insurance companies and residents.

Bloomberg has written about the need for people to adapt, and how those in some of the regions most affected by weather disasters are the slowest to change their ways. Even though New York has pledged to reduce its carbon emissions and be more environmentally friendly, the article notes that it takes a "cultural change" to really make a difference.

By providing the proper services, insurance companies help make that change and increase their ability to address important disasters.

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