Homeowners Insurance

More than a week after Hurricane Ian made landfall in Southwest Florida as a Category 4 hurricane, many areas remain in accessible by land due to the storm surge, said David Bairstow, senior vice president and general manager, insurance, at EagleView, a provider of geospatial software, aerial imagery and analytics.

With the 2022 Atlantic hurricane season entering its most active period, property insurers covering Florida face a host of market, weather, and regulatory worries, according to global rating agency KBRA.

As climate change increases the frequency of extreme weather events, there is a greater risk of coastal and inland flooding and an increasing risk of structural damage. Hurricanes pose a significant threat in parts of the US, and as their occurence and severity increase property losses will continue to rise. The insurance industry has a key role to play in reducing losses from catastrophic risks, with customers now more than ever turning to insurers for expert advice.

The watchdog’s new product governance rules could be a catalyst for big change in the UK general insurance market.