WEATHER RISK ISN’T “SOMEONE ELSE’S PROBLEM,” SAYS TRIPLE-I – TAKE AN UMBRELLA, PEOPLE!
Key Points:
- Ignorance of Weather Risk: 60% of homeowners admit to taking no steps to prepare for weather risks, despite the fact that it can affect everyone. (Clearly, we’re a trusting bunch!)
- Perceptions Drive Actions: Triple-I Chief Insurance Officer Dale Porfilio noted that two-thirds of survey respondents don’t expect to be affected by weather risks in the next five years. (Why worry? It’s just weather, right?)
- Flood Insurance Availability: Flood coverage is generally available but might be perceived as costly. Some insurers may hesitate to offer coverage in frequently flooded areas. (Well, water you gonna do about it?)
- Awareness and Preparation Matter: Among those who understood their flood risk, 78% purchased flood insurance. The Triple-I survey in coordination with Munich Re provides valuable insights into homeowners’ perceptions and behaviors. (Knowledge is power, especially when it’s raining cats and dogs!)
Hot Take:
Weather risks are like that annoying friend who shows up uninvited – nobody wants them around, but they’re going to show up anyway! While two-thirds of the survey participants are wearing rose-colored glasses, believing weather risks won’t affect them, the facts are clear: weather doesn’t discriminate. Sure, it might seem expensive to get flood insurance, but have you ever tried mopping up a flooded house with paper towels? Trust me, it’s a bucket-load of trouble! So, next time you decide to ignore weather warnings, remember: the weather has a way of raining on your parade (literally). Better keep that umbrella handy!
Keywords:
Weather Risk, Triple-I, Homeowners, Flood Insurance, Weather Channel, Perception, Preparedness, Federal Emergency Management Agency, National Flood Insurance Program, Munich Re
ORIGINAL ARTICLE – https://www.iii.org/insuranceindustryblog/weather-risk-isnt-someone-elses-problem-triple-i-executive-tells-weather-channel-viewers/
