Non-weather-related water perils are a part of all insurers’ books of business. But our environment is experiencing what seems to be increasingly unpredictable and extreme weather events that can create havoc on those same books of business.
Executive Summary
Viewpoint: Unexpected winter storms are happening more and more in places unaccustomed to extreme cold and freezing conditions. Here, HSB's Robin Luo and IoT Observatory Founder Matteo Carbone team up for a "How We're Doing It" article about HSB's use of IoT devices to detect changing conditions ahead of two recent storms when it was possible to take preventative action to protect property. In their view, proactive sensor-based monitoring can move the industry away from a reactive claims model and toward a preventive protection paradigm—to benefit insurers, businesses and society as a whole.
From strong ice storms and blizzards to prolonged arctic blasts, these conditions disrupt daily life, damage infrastructure and challenge business continuity.
In this evolving climate landscape, organizations must consider adopting proactive monitoring solutions to anticipate and mitigate weather-related risks.
Recent events have demonstrated that severe cold conditions now impact regions across the entire country, from the Northeast to the Gulf Coast. Proactive, real-time monitoring should be essential in managing these emerging risks effectively.
A growing consensus has emerged among insurance carriers leading the way in IoT adoption: connected insurance represents a societal good. This shift is driven by several key benefits:
