Earlier this month, the National Oceanic and Atmospheric Administration announced it would stop tracking the cost of extreme weather. Commercial property insurers rely on federal weather data to assess risk and price coverage, especially as weather events become more severe, industry insiders say. They warn that without access to NOAA`s data, it could disrupt underwriting, drive up premiums or lead to no coverage at all.
“When in doubt, I think the carriers are going to model for the worst, because they have to protect their assets,” Tri Pack Insurance Services founder William Lindsay III said. “What that translates to in the marketplace would be an increase in pricing and/or a decrease in capacity, where you just have less carriers that are willing to take on the risk.”
RSK: I get where it might slow some data response down but people who live in these areas will know when a storm is coming. If you buy a home next to railroad tracks, don`t be surprised if a train comes rolling through. Insurers will get their money somehow so I do not feel too sorry for them.
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- - Volume: 25 - WEEK: 23 Date: 6/5/2025 8:55:18 PM -