In the News

Weather reporting on the rise: what’s it to insurers?

Several reports indicate an increase in natural catastrophes in Ontario and consequential property damage. It has also been noted that weather reporting is on the rise in Canadian news. Canadian Underwriter reports that newscasts’ “time spent on weather and natural disaster stories […] has more than quadrupled since the early 1990s.” Some critics argue that weather spends too much time in the headlines. A debate of that matter had Patrick Burkey, “Nightly News” executive producer, conclude that newscasters should be careful to limit coverage to the “important” weather stories. This leads one to consider what qualifies an important story and what can be gained or lost from increased weather reporting, specifically when it comes to the insurance industry.

Does catastrophic weather reporting increase homeowners’ awareness of recovery options in the event of property damage, and therefore increase confidence in insurers, or are they more distrustful of the claims process?  

We would like to think that homeowners are better equipped to face a storm and respond to damage when disaster stories are shared in the news. However, with a growing number of home insurance horror stories making headlines, one may speculate whether catastrophic weather reporting is hurting the insurance industry. Whatever your outlook, home insurers may find now an opportune time to join conversations online and in the media to establish relationships with readers. There certainly have been a number of insurance-written Q&A’s and need-to-know articles circulating in the news following major storms. Here are a couple:

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