Nearly three-quarters of Americans are concerned about how severe weather will impact their insurance coverage over the next five years, according to a new survey by Insurity.

Cloud software provider for insurance carriers, brokers, and MGAs, Insurity announced findings from its 2024 Severe Weather P/C Consumer Pulse survey, detailing consumer opinion on severe weather and its impact on their insurance coverage.

Consumers are concerned about the adequacy of their property/casualty (P/C) insurance coverage in the face of escalating severe weather events.

Of those surveyed, 40 percent have had to file insurance claims as a result of severe weather conditions, emphasizing the direct impact severe weather has on communities and the P/C insurance landscape, Insurity said.

Another 27 percent of respondents indicated that recent severe weather incidents have prompted additional insurance coverage policy purchases for floods or earthquakes.

This shift points to a proactive consumer base that is increasingly aware of and responding to the risks posed by severe weather events, the cloud software provider said.

Nearly 25 percent of respondents reported difficulties in obtaining necessary coverage due to increasing severe weather risks, and 56 percent of respondents experiencing an increase in their insurance premiums over the last five years believe it is related to increasing severe weather events.

Many respondents, 71 percent expressed concern over how severe weather will affect their insurance coverage in the next five years.

“The results of our latest survey reveal a critical shift in consumer attitudes toward insurance as severe weather events are on the rise,” said Chris Lafond, chief executive officer at Insurity. “As these events become more frequent and intense, it’s imperative that the insurance industry reevaluates its products and services to ensure they meet the evolving needs of consumers. The rising concern among policyholders is a clear call to action for P&C insurance organizations to innovate and strengthen their approaches to risk assessment and customer engagement.”

The survey underscores the urgent need for the insurance industry to adapt and leverage technology to develop solutions that not only mitigate risk but also enhance customer trust and retention, the cloud software provider added.

The survey, conducted in April 2024, included more than 1,000 randomly selected adult participants across the United States to ensure a representative sample. Respondents were asked a series of 18 questions to gauge their opinions on severe weather and its impact on their P&C insurance coverage.