Insurity Highlights How Severe Weather in 2024 Drives Consumer Concerns, Shifts in Insurance Behavior, and Prepares Industry for 2025

Survey reveals need for insurers to balance consumer expectations with proactive strategies, enhancing competitiveness, and protecting against escalating severe weather impacts

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HARTFORD, Conn., December 17, 2024–(BUSINESS WIRE)–Insurity, a leading provider of cloud-based software for insurance carriers, brokers, and MGAs, today shared a comprehensive recap of its 2024 Severe Weather P&C Consumer Pulse survey, offering an in-depth analysis of severe weather trends, their impact on consumers, and the resulting implications for the insurance industry. The survey highlights a year marked by catastrophic hurricanes, tornado outbreaks, and wildfires that caused an estimated $135 billion in insured losses globally. These events not only underscore the growing financial impact of severe weather but also reveal shifting consumer priorities and opportunities for insurers in 2025.

2024’s extreme weather events exposed vulnerabilities in existing coverage options, prompting many consumers to reassess their policies and coverage preferences. According to the survey, 34% of respondents expressed concerns about their ability to secure coverage for weather-related risks in the near future. Additionally, 36% indicated a willingness to switch providers offering more robust severe weather coverage, while 27% said recent weather events influenced their decision to purchase additional coverage types, such as flood or earthquake insurance.

Innovation is playing an increasingly critical role in consumer decision-making, with 52% of respondents stating they are more likely to buy a policy from insurers actively investing in technology to enhance claims processes. This trend highlights the growing importance of operational efficiency and seamless customer experiences in earning consumer trust.

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While respondents most frequently reported experiencing severe weather events like thunderstorms, wind/hail, and winter storms, their top concerns were focused on tornadoes, flooding, and wind/hail. This distinction underscores the evolving awareness of high-impact risks and is driving demand for insurance solutions designed to address these specific threats.

Looking ahead to 2025, these trends suggest a shift toward greater personalization and technological integration within the insurance industry. With severe weather events becoming more frequent and costly, insurers will likely expand tailored coverage options to address specific regional risks. Investments in predictive analytics and automated claims systems will also take center stage, enabling insurers to better anticipate losses, improve operational efficiency, and provide a seamless customer experience. Simultaneously, consumers’ willingness to switch providers for better coverage will drive competition, incentivizing insurers to innovate and adapt rapidly.

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