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Insurance companies put to the test with fires

The California insurance industry will be reeling for some time after the Camp and Woolsey wildfires. However, these companies enter into a contract with their customers, so how they handle that contract will have a large impact on how they move forward. Will they retain old customers? Will they gain new ones? What types of properties they are trusted to underwrite in the future?

Industry gets high marks for hurricanes

The good news is that insurers did well with the Hurricanes Florence and Michael on the East Coast. According to a recent article, policyholders gave high marks overall to their carrier:

  • 87 percent of policyholders said that their carrier met or exceeded expectations
  • 42 percent of policyholders with major damage gave their insurer a perfect 10
  • 90 percent of policyholders reported being contacted by their insurer to offer assistance (63 percent by phone, 44 percent by email, and 29 percent in-person)
  • 79 percent of policyholders felt that they were adequately informed about their coverage options, ensuring that they were properly covered before the storms

Now it is Californias turn

Carriers will likely take an earnings hit in the short term for paying these claims. However, industry analysts believe that providing strong customer service during these decisive moments usually generates strong brand loyalty that in the long run more than offsets the cost of the claim. This means a lot of work for the insurance industry, but it is also an opportunity to highlight the best it has to offer.

Attorneys can also help

Unfortunately, these claims can sometimes be a challenge to resolve. Working with an attorney who understands insurance contracts can be a huge asset during this time of need. They can also help providers to better understand their own policies, thus helping carriers to pay the correct amount.

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