Insurers must now consider both aerial imagery-derived insights as well as a property's recent hail experience to overcome gaps in accurately evaluating and mitigating hail risk. (Credit: Vladimir Polikarpov/Adobe Stock)
In the rapidly evolving peril landscape, the increasing prevalence of hail-related claims, exacerbated by significant exposure growth and possibly even changing weather patterns, is a critical concern.
The number of hail events this year has already increased by 48% over the number from 2022, according to the National Oceanic and Atmospheric Administration. The growing number of losses — wind and hail accounted for 39.4% of all losses in 2021, according to the Insurance Information Institute — has made clear that the traditional methods of assessing hail risk are no longer sufficient. As it is not feasible to completely avoid the peril altogether, insurance carriers must now consider both aerial imagery-derived insights as well as a property's recent hail experience to overcome gaps in accurately evaluating and mitigating this growing risk.
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