How can governments help more after natural disasters?

How can governments help more after natural disasters? | Insurance Business

How can governments help more after natural disasters?

Paul Kovacs- Executive director- Institute for Catastrophic Loss Reduction

“Insurers prepare for the worst and hope for the best. Governments, however, appear surprised when a catastrophe strikes. Governments can help insurers if they prepare a recovery plan before a disaster. Planning can integrate insurance payments for rebuilding and recovery into a comprehensive recovery plan.

Winston Churchill argued that we should ‘never let a good crisis go to waste.’ Recovery planning for catastrophic risks can support a transformative increase in community resilience to future disasters. Planning to build back better may involve buyouts and investments in protective infrastructure. Governments can help by planning for recovery.”

Arnold Mascali- President -Procor Solutions + Consulting, a Brown & Brown company

“Coordination during disasters must improve. When public or private entities are eligible for recoveries or funding from both a government agency and a private insurer, the process can get delayed or stalled.

Without experience with the interplay of insurance and FEMA, a recovery effort will likely encounter material differences in scope and/or pricing expectation, resulting in reimbursement delays. Over the last decade, too many policyholders have been caught up in a confusing and complicated evaluation process, leaving them susceptible to even greater losses. Public agency officers and insurance adjusters must work together, share information and expedite their respective determinations.” 

Eric Sanders- SVP and head of claims -QBE North America

“Both governments and insurers can always push to improve catastrophe recovery efforts, and our teamwork is increasingly sophisticated. For instance, after the 2018 California wildfires, first responders photographed damaged properties, and the California Department of Forestry and Protection posted them via an interactive online map. Insurers could access the map, search their insured locations and then proactively contact customers.

We used a texting tool powered by AI to reach customers and begin evaluating the need for business interruption or additional living expenses. The teamwork allowed us to provide both emotional and economic relief much sooner than was previously possible.”