(Hurricane Harvey making landfall in 2017. Source: NOAA.)
During a hurricane, communities are frequently devastated by inland flooding, wind, storm surges, hail, and even tornadoes. Insurance organizations are faced not only with a high level of loss exposure, but they must also must deal with operational and organizational strain. Hurricane season is when insurers need to start preparing early on for the possibility of the worst.
Here are five key steps P&C insurers can take to pressure test their hurricane readiness and perform a preparedness dry run before the worst of hurricane season strikes.
Stress Test Using Past