Pryor Cashman Partner Christopher Loeber, chair of the Insurance Recovery + Counseling Practice, spoke with Thomson Reuters Regulatory Intelligence about the potential insurance implications of the rising number of catastrophic weather events, including hurricanes, floods, and wildfires.
In "Rise in unforeseen claims weigh on U.S. insurers' claims costs, underwriting criteria," Chris says:
If the losses that we have seen as a result of these recent catastrophic events continue, it, unfortunately, will probably cause the premiums to continue to rise and the coverage to be restricted even further.
He also notes that as private insurance premiums for these types of events rise, businesses may look for other options, such as state-backed insurance:
"It is just not practical to think that carriers can charge an unlimited amount to get coverage and companies would be expected to pay that," Loeber said.
"Obviously, corporations want to be fully protected and fully insured."
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