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The Insurance Industry and Hurricane Relief

by Stacey Cessna | Aug 16, 2018
Hurricane Resources for Insurance Agents

Insurance agents, adjusters and companies make a difference after the 2017 Atlantic Hurricane Season

Insurance is often defined as, “a means of guaranteeing protection or safety” (1). That definition is never more true than in times of crisis, when the insurance industry steps up to help those in need.

The 2017 Atlantic hurricane season was one of the most active seasons ever recorded. According to the Weather Channel, there were seventeen named storms, 10 hurricanes and six major hurricanes. Three category four hurricanes made landfall in the United States: Harvey, Irma and Maria (2).

Hurricane Harvey caused tremendous damage in Texas, Louisiana and other parts of the country with record-breaking rainfall and duration. Hurricane Irma made landfall more than six times, causing devastating destruction in its path, and Hurricane Maria left most of Puerto Rico without power, water or cell phone service. The impact of these hurricanes is still being felt across the country and creates significant challenges and opportunities for insurance agents and producers.

JPMorgan estimates the cost of damages from the 2017 hurricanes to fall well over $100 billion (3). These numbers are similar to those experienced after Hurricane Katrina in 2005 and ranks Hurricane Irma in the top 5 most costly U.S. hurricanes. According to JPMorgan analyst, Sarah DeWitt, property insurance premiums are expected to hit double-digits this year (4).

During times of disaster and crisis, the insurance industry plays a vital role in recovery. Several insurance companies and insurance agents went above and beyond their duties to lend a helping hand to their communities. According to an article in the Insurance Journal, the insurance industry committed to donating more than $15 million dollars to hurricane relief (5). Several insurance agencies have offered free tools and resources to hurricane victims, including International Risk Management Institute, Inc. which opened several of their resources to the public for free (6).

As recovery efforts continue and we enter into the peak of hurricane season, it is crucial for insurance agents to stay up-to-date with their industry and skills. WebCE, the nation’s leading provider of online continuing education and training, offers the latest industry news and hot topics with insurance continuing education courses written by experts. Our online insurance CE courses will prepare you for success at every stage of your career and help you perform at your best so you can provide your clients with the support they need. To learn more about online insurance continuing education courses from WebCE, visit www.WebCE.com or call 877-488-9308 to speak to a member of our support services team.

Additional Resources and Sources:

1. Webster Dictionary - Insurance
2. Weather.com - Irma, Maria, Harvey
3. JPMorgan Hurricane Special Report
4. CNBC - Hurricanes will cost insurance industry
5. Insurance Journal
6. IRMI - Resources for Hurricane Harvey