I cannot understanding headlines like this..
For the past month I have been working over in the United States as LMI launches products such as our Business Income (BI) calculator into this market.
While there, hurricanes hit in Texas and Florida and it was heartbreaking to me to read that people were not fully insured for such events which are not a case of: ‘if it happens’, but rather: ‘when it happens’.
While an enormous amount of money has been collected for Texas it will come no where near the total cost of the damage.
Flood is a major problem following any major storm, let alone hurricanes, typhoons or cyclones.
With the number of major storm events that the US has suffered over the years, and the soft insurance market, I simply cannot understand why people thought they could take the risk.
I did hear some say they could not afford insurance, but the obvious question is now your home or business is destroyed, how can you afford not to have it!