QBE North America Provides Tips to Help Businesses Prepare for the 2024 Hurricane Season

Rhea-AI Summary

As the 2024 Atlantic hurricane season begins, QBE North America urges businesses to enhance their storm preparedness. Forecasters predict an 'extremely active' season with 23 named storms, 11 potential hurricanes, and 5 major hurricanes. Monique McQueen, VP of Property Claims at QBE, emphasizes the need for robust readiness plans to safeguard employees, property, and assets. Recommendations include maintaining disaster response plans, securing essential supplies, training staff on utility safety, storing goods off the floor, assessing rooftop equipment, reviewing insurance coverage, securing essential records off-site, keeping updated inventory logs, and preparing for power outages. Ted Cabaniss, AVP of Risk Solutions at QBE, highlights the importance of strategic actions post-storm, leveraging insurance expertise, and utilizing resources like FEMA's Ready Business Hurricane Toolkit to navigate challenges and ensure business continuity.

Positive

• QBE North America provides detailed hurricane preparedness tips for businesses.
• Forecasters anticipate an 'extremely active' hurricane season with 23 named storms.
• Recommendations include updating disaster response and business continuity plans.
• Emphasis on employee safety with procedures for effective communication and safeguarding.
• Guidance on securing property, such as training staff on utility safety and storing goods properly.
• Recommendation to review insurance coverage to match increased rebuilding costs.
• Encouragement to maintain secure off-site records and inventory logs.
• Advice on preparing for power outages, including having generators ready.
• QBE Risk Solutions offers tools and resources to help insured businesses plan for disasters.

Negative

• The expected 'extremely active' hurricane season presents significant risks for businesses.
• Potential for severe weather disruptions, including 11 potential hurricanes and 5 major hurricanes.
• Businesses may face challenges in keeping up with increased costs of rebuilding and replacing property.
• Extended power outages could cause major operational disruptions requiring preparedness.

NEW YORK, June 6, 2024 /PRNewswire/ -- As June 1 marked the beginning of the Atlantic hurricane season, businesses must revisit and reinforce their storm preparedness strategies. The looming threat of severe weather calls for thorough planning to mitigate potential disruptions. Forecasters, including the Colorado State University Tropical Weather & Climate Research team, anticipate an "extremely active" hurricane season, projecting 23 named storms, 11 of which may escalate into hurricanes, with five potentially reaching major hurricane status.

"Given the expected severe weather conditions, strengthening preparedness measures is more critical than ever," said Monique McQueen, Vice President of Property Claims at QBE North America. "The anticipated warm sea temperatures, coupled with a warming tropical Atlantic and the onset of La Niña, suggest an intense hurricane season ahead and businesses must prioritize readiness to protect employees, property and assets."

Companies should ensure they maintain an up-to-date disaster response and business continuity plan, which is shared annually with key staff. To assist businesses in preparing their employees and property for hurricane season, QBE recommends the following actions as part of the plan:

• People: Prioritizing employee safety is essential. Businesses are advised to maintain formal procedures for effective communication and safeguarding employees throughout the response and recovery phase. It is crucial to accumulate and maintain a supply of essential items, including personal protective equipment (PPE), disinfectants, water, non-perishable food, batteries, first aid supplies and medications.
• Property: Train employees to safely shut off water, gas, and other utilities as needed, and provide comprehensive facility training so that a capable team is ready to respond during a crisis. Finished goods and raw materials should be stored off the floor, and essential repair equipment and materials, such as chainsaws, pumps, generator fuel, and plywood should be stored in an accessible location. Conduct a thorough assessment of all rooftop equipment to ensure its condition and securement are adequate. Ensure loose items outside are secured to prevent them from becoming missile impact hazards during a storm. Additionally, regularly review insurance coverage to ensure it aligns with increased costs of rebuilding and replacing property.
• Records: Collect essential contact details for key stakeholders, including bankers, lawyers, accountants and suppliers, integral for business operations. Verify that contracts with customers and suppliers are current and contain necessary clauses for risk transfer and insurance verification. Store this information securely at an off-site location that is easily accessible.
• Inventory: Maintain current records of all inventory in offices and facilities, covering products, assets and financial statements. Given the vulnerability of physical records to damage, ensure backups are stored in a secure, alternate location.
• Power: Ensure there is a contingency plan for power disruptions. Maintain readily available generators and train employees on their safe operation. Businesses should be ready for potential extended power outages.

"After a storm, businesses may face unprecedented challenges, requiring swift and strategic action," said Ted Cabaniss, AVP of Risk Solutions at QBE North America. "By staying vigilant and leveraging the expertise of their insurance partners, businesses can navigate the complexities of the upcoming hurricane season with resilience and agility, ensuring continuity of operations and safeguarding their assets and employees."

QBE Risk Solutions provides a range of tools and resources to help insured businesses plan for disasters. Additionally, valuable resources for hurricane preparedness planning, such as The Ready Business Hurricane Toolkit from FEMA, are available.

QBE North America's Risk Solutions teams specialize in managing risk and providing loss prevention and protection services. With a dedicated approach and technical expertise, they assist clients in assessing, identifying and mitigating risks to minimize potential losses. By understanding their clients' business operations, goals and challenges, they are positioned to offer optimal solutions for risk management.

About QBE North America 
QBE North America is a global insurance leader helping customers solve unique risks, so they can stay focused on their future. Part of QBE Insurance Group Limited, QBE North America reported Gross Written Premiums in 2023 of $7.6 billion. QBE Insurance Group's results can be found at qbe.com. Headquartered in Sydney, Australia, QBE operates out of 27 countries around the globe, with a presence in every key insurance market. The North America division, headquartered in New York, conducts business primarily through its insurance company subsidiaries. The actual terms and conditions of any insurance coverage are subject to the language of the policies as issued. Additional information can be found at qbe.com/us or follow QBE North America on LinkedIn, Facebook and Instagram.

QBE makes no warranty, representation, or guarantee regarding the information herein or the suitability of these suggestions or information for any particular purpose. QBE hereby disclaims any and all liability concerning the information contained herein and the suggestions herein made. Moreover, it cannot be assumed that every acceptable risk transfer procedure is contained herein or that unusual or abnormal circumstances may not warrant or require further or additional risk transfer policies and/or procedures. The use of any of the information or suggestions described herein does not amend, modify, or supplement any insurance policy. Consult the actual policy or your agent for details about your coverage. QBE and the links logo are registered service marks of QBE Insurance Group Limited. © 2024 QBE Holdings, Inc.

View original content to download multimedia:https://www.prnewswire.com/news-releases/qbe-north-america-provides-tips-to-help-businesses-prepare-for-the-2024-hurricane-season-302166321.html

SOURCE QBE North America

FAQ

What are the predictions for the 2024 hurricane season according to QBE North America?

Forecasters predict an 'extremely active' hurricane season with 23 named storms, 11 potential hurricanes, and 5 major hurricanes.

How should businesses prepare for the 2024 hurricane season?

Businesses should update disaster response plans, ensure employee safety, secure property, review insurance coverage, maintain off-site records, keep updated inventory, and prepare for power outages.

What is the importance of reviewing insurance coverage for the 2024 hurricane season?

Reviewing insurance coverage ensures it aligns with increased costs of rebuilding and replacing property, protecting businesses from financial losses.

What tools and resources does QBE North America offer for hurricane preparedness?

QBE North America provides tools and resources, such as the Ready Business Hurricane Toolkit from FEMA, to help businesses plan for disasters.

How can businesses ensure employee safety during the hurricane season?

Businesses should establish formal procedures for communication and safeguarding employees, and maintain supplies like PPE, water, and first aid kits.

Why is it important to have a contingency plan for power disruptions during the hurricane season?

A contingency plan ensures businesses are prepared for extended power outages, maintaining operations with backup generators.