The insurance industry was particularly hit hard in 2016 due to the unusually high number of catastrophes. There were a total of 327 disaster events globally in 2016, and 191 of these events were classified as natural catastrophes. The Southeastern United States was majorly impacted by catastrophes in 2016 with events such as Hurricane Matthew that created billions of dollars in damages.
While insurance carriers don’t have much control over interest rates or catastrophes, they can strengthen underwriting practices to mitigate loss. We’re already seeing more insurance carriers embrace big data and use the latest inspection technology such as drones and smart home technology to more accurately underwrite risk. Combining these efforts with an in-person property inspection will help insurance carriers best determine which risks are worth taking.
How Insurance Risk Services Can Help Maintain Profitability
Our team at Insurance Risk Services has been partnering with property and casualty insurance carriers for more than 35 years to provide a full range of full range of insurance inspection services and field underwriting support. In an environment of declining profitability, choosing the right underwriting partner to serve you with the information that you need to make informed decisions has never been more important.
At Insurance Risk Services, we differentiate ourselves by giving our clients our personal attention. Through our approach, our clients have access to decision makers, which ultimately allows for a faster response time.
Upon working with us, you’ll quickly learn that our entire team is fully committed to your partnership. As far as your insureds are concerned, our experienced and professional inspectors at Insurance Risk Services are the face of your company. We’re dedicated to giving you the most accurate underwriting reports in the business. Please contact us at Insurance Risk Services to learn how we can help you to protect your bottom line and start making more informed underwriting decisions.