The insurance industry can play a role in helping prepare for future severe weather because the companies have a tremendous amount of data and knowledge about loss avoidance and prevention, Foggan says. “One of the things insurers can do is partner with government regulators both at the state and federal level to identify and articulate loss-prevention strategies that will benefit society as well as insurers,” she says. Loss prevention or mitigation of physical damage to key infrastructure—such as electrical grids—saves costs of repair, as well as the important downstream costs to private industry and society that result from loss of infrastructure function.
Laura Foggan is a partner in the DC office of Crowell & Moring. Read more insights from Laura and her colleagues by clicking the read more button.
This outstanding insurance and reinsurance attorney also is co-chair of HB’s Cyber Sector Risk: Blockchain Security on April 25, 2018, in New York. Immediately following that seminar will be HB’s Cyber Sector Risk: Critical Infrastructure. And, June 19-20, 2018, we are producing another relevant program in San Juan, titled HB’s Cyber Sector Risk: Critical Infrastructure Blackout.
See our conference listings for more details.