It's not your imagination. Weather has become more volatile in recent years, and the frequency and severity of convective storms has been on the rise.
Catastrophic events are on the rise. Since 1980, 338 weather and climate disasters have each resulted in a billion-dollar-plus loss, adding up to a staggering $2.295 trillion. With no end to this concerning trend in sight, insurers are taking various approaches to riding out the proverbial storm.
The issue of inflation isn't just impacting what you pay at the pump and in the grocery store. Its effects are far-reaching, and that includes property, construction materials and all points in between. Factor in ongoing supply chain issues that emerged in full force during the pandemic along with a tight labor market, and it's no wonder that industries far and wide are feeling pinched.
Among the most common and damaging of natural hazards are thunderstorms, also referred to as severe convective storms. Lightning, tornadoes, straight-line winds, hail and torrential rain from these weather events result in substantial property damage.
David Nelson, Executive Vice President, E&S Wholesale for Nationwide, E&S and Specialty, said that surplus lines insurers can respond to the market needs of agents and brokers much more quickly than the standard market.
Home prices surged nearly 20% in 2021 — the highest calendar-year increase on record — putting a hold on house buying aspirations for many Americans. A new study from Nationwide found homeowners are making investments to be comfortable in their current homes instead of selling and buying new.
The risk of extreme wildfires isn't going away anytime soon. Hotter summers and other extreme weather coupled with lingering drought have created the ideal environment for intense, large-scale wildfire events over a longer season, in the U.S. and around the world.
With catastrophes on the rise and the standard market pulling out of high-risk areas, the prospects for E&S also soar. Learn how Nationwide E&S is using data to create a better-balanced portfolio, it's also creating opportunities for its agency partners to grow their book
The quality of claims service can make or break the satisfaction of insureds—and the reputation of insurers. After all, if policyholders are unhappy with the level of support they receive when making a claim, there's nothing stopping them from taking their business elsewhere when it's time to renew.
Many people are lured to the Atlantic and Gulf coasts for the ocean breezes, sweeping vistas and the laid-back lifestyle having a home by the water provides. However, it's important that they consider another less desirable part of dwelling by the seaside: the risk of hurricanes.
Insurance companies have a tall order ahead of them when pricing their products. They have to charge enough to cover losses, expenses and profit and keep their rates low enough to remain competitive in the market—all while complying with state regulations.
