Everyone is still speculating which path Hurricane Joaquin will take. But many businesses, including XL Catlin, are not taking any chances and are preparing for it. To help, many property insurers work with risk engineers to aid in the underwriting process and to assist clients in taking preventative measures to protect their properties. Risk engineers can provide valuable insight and detailed exposure analysis, recommendations for adequate property protection systems as well as development of effective pre-emergency plans.
When COVID-19 exploded in the US, businesses had no time to plan and protect. Instead, organizations had little choice but to react. Some businesses were shuttered, employees sent home, and if companies were fortunate, they were able to implement remote operations.
In some cases, companies were able
The forecast for the 2020 Atlantic hurricane season: between 13 and 19 named storms, including 3 to 6 major hurricanes, a few of which are expected to reach US shores. If your business is in the path of such a storm, it could wipe out all you’ve worked hard to build.
Yet hurricanes are not the only natural
Rising premiums. Disappearing capacity. Tighter contract terms. This is the new reality for risk managers as they renew their property insurance programs. Brokers are reporting premium increases of more than 50 percent for many insureds.
The property/casualty insurance market is cyclical. A period