The word from California after the recent heavy rains;
Property & Casualty insurance experts at Waterstreet Company, are seeing unprecedented claims after the recent storms in LA, including the second round this week:
“The property and casualty sector has faced significant challenges in 2023 and 2024 so far, and this is a watershed moment for us.” shares Gregg Barrett, the firm’s CEO, and an expert in property and casualty insurance for more than 20 years. “We’re looking at potentially $15+ Billion in damages in one month and one state. That’s absolutely unprecedented.”
“There’s a critical gap in awareness and preparedness. Many Angelenos discovered the hard way that their standard insurance policies don’t cover flood damages. Countless home and business owners are facing the daunting task of rebuilding with limited or no insurance support. This will be an unexpected hit of bad news as they anticipated having coverage through their existing policy.”
Barrett advises that in regions like Los Angeles that are susceptible to natural disasters, separate coverage might offer more comprehensive protection, underscoring the need for policyholders to be well-informed about their insurance policies’ limitations and exclusions. As insurers grapple with the surge of claims and the reality of uninsured losses, it’s clear that February has been a wake-up call for the industry. The urgent need to educate consumers about the nuances of insurance coverage, especially in areas prone to extreme weather, has never been more evident.
Barrett continues, “There is a pressing need for adaptive insurance solutions and more effective policyholder communication in an era of increasingly unpredictable weather patterns.”
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