Claims and restoration industry facing some labor and staffing challenges.
The property claims and restoration industry has been facing some significant challenges.
Last year saw an increase in the frequency and severity of severe convective storm activity, resulting in $60 billion in insured losses. With the increase in exposure values and extreme events, these losses are likely to increase. Of course, these events are occurring against the backdrop of rising costs of labor, materials and equipment, and an ongoing labor shortage.
The industry has also been experiencing a shift internally. According to Verisk, since the pandemic, 16% of restoration estimators and 26% of carrier adjusters have changed roles. With many industry professionals nearing retirement, adjusters and contractors often face the task of accomplishing more while working with fewer resources.
While these changes and challenges can be daunting, they also represent tremendous opportunities for organizations to adapt and innovate.
Last year saw an increase in the frequency and severity of severe convective storm activity, resulting in $60 billion in insured losses. With the increase in exposure values and extreme events, these losses are likely to increase. Of course, these events are occurring against the backdrop of rising costs of labor, materials and equipment, and an ongoing labor shortage.
The industry has also been experiencing a shift internally. According to Verisk, since the pandemic, 16% of restoration estimators and 26% of carrier adjusters have changed roles. With many industry professionals nearing retirement, adjusters and contractors often face the task of accomplishing more while working with fewer resources.
While these changes and challenges can be daunting, they also represent tremendous opportunities for organizations to adapt and innovate.