Move Over Nat Cats, Kitty Cats Are Riling the Insurance Marketplace
With spring rapidly approaching, many municipalities, homeowners and business dwellers alike will be preparing for potentially dangerous weather from convective storms. The large “main event” storms can and do wreak havoc, but lots of damage can follow from residual storms. Think of a large-scale tornado outbreak being a main catastrophe event — and the additional, smaller but non-negligible thunderstorms that happen during the remainder of the season as "kitty-cats" that can compound carrier and policyholder losses. Jeff Schmidt, of Guy Carpenter and Sydney Hedberg of Marsh McLennan Public Sector, explain.