A recent insurtech Insurity survey shows that 56% of consumers report higher insurance premiums due to severe weather. Insurity conducted the Severe Weather P&C Consumer Pulse survey.
The survey highlights growing consumer concerns about property and casualty (P&C) insurance amid increasing severe weather events. Many worry their current coverage may not be enough.
The findings emphasize the need for the insurance industry to adapt and use technology to manage risks, improve customer trust, and build loyalty.
The survey reveals that 40% of Americans have filed claims related to severe weather, showing the significant impact on communities and the P&C insurance industry.
Additionally, 27% of respondents said recent severe weather prompted them to seek additional coverage, such as flood or earthquake insurance. This shows a trend of consumers becoming more proactive and aware of weather-related risks.
25% of participants reported difficulties in obtaining adequate coverage due to the rising threat of severe weather.
Moreover, 56% saw premium increases over the past five years, directly linked to severe weather.
A striking 71% of Americans worry about how severe weather will affect their insurance over the next five years.
This widespread concern highlights the need for the insurance industry to reconsider its risk management strategies and enhance communication with customers.
The results of Insurity’s 2024 Severe Weather P&C Consumer Pulse survey are encouraging in terms of customer satisfaction
Chris Lafond, Chief Executive Officer at Insurity
“However, these results also emphasize the necessity for ongoing investment in insurance organizations’ offerings,” said Chris Lafond.
“As the frequency and severity of weather-related events continue to rise, it becomes mission critical for insurers to continue to invest in advanced technologies, and refining policies will be crucial in supporting consumers during these times of need and securing their trust in their insurance provider’s ability to protect their interests.”
This survey was conducted in April 2024, and more than 1,000 adult participants were randomly selected across the United States to ensure a representative sample. Respondents were asked a series of 18 questions to gauge their opinions on severe weather and its impact on their P&C insurance coverage.
by Peter Sonner
