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SPONSORED: What winning companies did right in 2020, and how you can beat your competition in 2021
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U.S. catastrophe losses are trending well above normal levels in 2020. The Atlantic hurricane season was so active that the National Hurricane Center ran out of alphabetical names and is already into the Greek alphabet for only the second time in history. With the exception of this year's major hurricanes, most storm events were small to medium size events, meaning that most losses will be retained by primary carriers rather than reinsurers, negatively impacting combined ratios. Simultaneously, wildfires tore through the western U.S., burning a record 13 million acres and are likely to cost the insurance industry up to $8B. Primary carriers and reinsurers alike are re-thinking the relative risk on their balance sheets like never before. The industry is ripe for a hardening of overall prices, and, at the same time, the customers that insurers protect are expecting more holistic coverage at the same or lower prices.
What were the winning and losing insurance strategies of 2020? What can we expect from increasingly intensifying catastrophe trends and how do we make smart use of our resources to build connected, all-encompassing insurance experiences that protect American homeownership while sustaining business? CoreLogic insurance leader Mick Noland discusses what insurers must get right in 2021 and why American homeownership depends on it.
To talk more about how you can win in 2021, contact Mick Noland at mnoland@corelogic.com.
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