The catastrophic 2017 Atlantic hurricane season is thankfully nearing its end on November 30. Back-to-back storms resulted in billions of dollars in property damage, testing the strength of our insurance industry and the way we respond to catastrophes.
Centauri Insurance currently operates in nine states including Alabama, Florida, Louisiana, Mississippi, Hawaii, South Carolina, Oklahoma, Massachusetts, and Texas, and several of the states were impacted when Hurricanes Harvey and Irma made landfall. Our company received nearly 3,000 claims from Hurricane Harvey totaling approximately $11.4 million in incurred losses. Hurricane Irma came right on the heels of Harvey with approximately 1,600 claims and $10.3 million in incurred losses.
Below are the industry estimates of insured losses to date by state for Hurricanes Harvey and Irma according to ISO:
Centauri has numerous tools that help the company prepare for catastrophic events. Centauri puts on drills for major weather events including a major drill in the spring when the company simulates a storm approaching and ultimately making landfall in one of the company’s largest states — Texas, Louisiana and Florida. "It’s a fully operational, company-wide exercise," said Ricardo Espino, President and CEO of Centauri. “Once a storm hits, everything we prepared for goes according to plan.”
“The company is focused on coastal exposures in many states,” said Espino. “We prepare for this kind of event year-round. This is how the company stands out and differentiates itself.”
The company also uses hurricane-modeling software to examine potential tracks and landfall areas. Centauri runs its entire portfolio of policies through the software to develop possible scenarios of how much damage customers might see and where it might need to deploy resources.
All of these tools help Centauri stay true to our mission "to be there when you need us, by having your interest in mind in everything we do." The role of ensuring that our customers are able to recover quickly from a catastrophe also trickles down to our network of independent agents. Our agents play a critical role in the wake of a major hurricane, but their value doesn’t go away when the recovery is over. Our industry must use major storm events to help customers understand their exposures and insurance needs. Learn more in this quick video from Insurance Journal.
View Insurance Journal's Video on Lessons Learned from the 2017 Atlantic Hurricane Season: