InsurTech NY panel: Communication and prevention key to managing climate risks

Prioritizing Prevention and Communication in Insurance

The rise in frequency and severity of natural disasters is prompting discussions within the insurance industry about how to effectively manage the associated risks. At the recent InsurTech NY conference, experts emphasized the importance of focusing on prevention and clear communication.

Key Takeaways from the Panel

Panelists highlighted that the insurance sector needs to evolve its approach to climate-related events. With natural disasters becoming increasingly common, the strategies used in risk assessment and management must also adapt.

Some of the main points discussed included:

• Prevention is Essential: Insurers should invest in preventive measures that can help mitigate the impacts of natural disasters. This could involve encouraging policyholders to make their properties more resilient to risks like flooding or wildfires.
• Effective Communication: Clear communication with customers is crucial. Insurers should aim to educate policyholders about their coverage options and the importance of being proactive when it comes to risk management.
• Data Utilization: Better use of data analytics can enhance understanding of risk exposure and guide both underwriting and claims processes.

Who Will Be Affected?

This shift towards prevention and communication is likely to impact various stakeholders in the insurance sector. Insurers, brokers, and policyholders alike will need to navigate these changes. For policyholders, it means a better understanding of their risks and responsibilities. For insurers, it presents an opportunity to differentiate themselves through innovative offerings and enhanced service.

Conclusion

The discussions at InsurTech NY are a reminder that adapting to climate risks is not just about managing claims but also about fostering a culture of prevention and proactive communication.

Original Source: https://www.theinsurer.com/ti/news/insurtech-ny-panel-communication-and-prevention-key-to-managing-climate-risks-2025-04-04/