When a property is owned outright, the homeowner can choose to self-insure. (Credit: Vittaya_25/Adobe Stock)
Insurance companies are taking a close look at their books of business as weather has changed in severity, frequency and geography.
Historically, the threat of hurricanes was the biggest weather concern from a carrier perspective, limiting risk mostly to coastal areas. Over the past 5 years, however, the U.S. has experienced an increase in frequency and severity of wildfire activity as well as convective storm activity — including tornadoes, severe thunderstorms, hail and strong straight-line wind activity — that impact the middle of the country, says Peter McMurtie, a partner in consultant West Monroe's insurance practice.
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