Utilizing data, communication in evaluating weather risk
Peter Crosa of Peter J. Crosa and Co., LLC, and Tim Dowden of J.S Held share their expertise on how producers, underwriters and customers can leverage data – and improve communication – to better determine property risk.
According to data from the NOAA National Centers for Environmental Information (NCEI), 18 separate climate or weather events struck the U.S. in 2022 that caused losses of over $1 billion, including a winter storm, a wildfire, drought, flooding, two tornado outbreaks, three tropical cyclones and nine severe weather/hail events.
The most destructive of these was Hurricane Ian, which made landfall in Florida in September 2022 and left $112 billion of destruction in its wake. Altogether, the NEIC reported a total of $169.8 billion in climate losses in 2022, which ranks as the third highest amount of damage on record.
In this episode of the Insurance Speak podcast, recorded live at the Complex Claims and Litigation Forum in Las Vegas, we’re joined by Peter Crosa, Executive General Adjuster at Peter J. Crosa and Co., LLC, and Tim Dowden, Senior Vice President of J.S Held, to share their expertise on how producers, underwriters and customers can leverage data – and improve communication – to better determine property risk and premiums.
For more information on strategies insurers can use to more thoroughly and accurately evaluate weather risk, listen to the podcast above or subscribe to Insurance Speak on Spotify, Apple Music or Libsyn.