Weather Risk Isn’t “Someone Else’s Problem,” Triple-I Executive Tells Weather Channel Viewers
Published on June 22, 2023
Of the findings in Triple-I’s recent report on consumer perceptions of weather risk, the Weather Channel’s experts were most struck by the fact that 60 percent of homeowners said they’d taken no steps to prepare – so, they asked Triple-I Chief Insurance Officer Dale Porfilio for his perspective.
Ultimately, Porfilio said, it comes down to perceptions.
“Two thirds of the people surveyed said they don’t expect to be affected by weather risk in the next five years,” Porfilio told the Weather Channel. “If you don’t think you’re going to be impacted, why would you prepare with a home evacuation plan or a home inventory?”
Of course, anyone who is exposed to weather is exposed to weather-related risk, and it’s essential for homeowners to understand and address the most relevant risks in order to protect their investments and their families.
Porfilio also addressed a question regarding availability of flood insurance, explaining that coverage is generally available through the Federal Emergency Management Agency’s National Flood Insurance Program, as well as a growing number of private insurers, but “might be perceived as too expensive.”
It is possible, however, that some insurers might not be willing to offer coverage in areas that have been hit repeatedly by flood.
Awareness and preparation are key. The Triple-I survey, published in coordination with global reinsurer Munich Re, found that, among the 22 percent of respondents who reported understanding their level of flood risk, 78 percent said they had purchased flood insurance. The report, Homeowners Perception of Weather Risks, provides insights into trends, behavior and how experiencing a weather event impacts consumer perceptions of future events.
Learn More:
Survey Suggests Few Homeowners Prepare for Weather-Related Risks
Climate Risk Isn’t All About Climate: Population, Land Use, Incentives Need to Be Addressed
Stemming a Rising Tide: How Insurers Can Close the Flood Protection Gap
