Severe Rainfall Alert:Severe Thunderstorms Reaches Record High USD $60 billion
Damage from severe thunderstorms reaches record high
A new record high for insured losses from severe thunderstorms was reached in 2023, as reported by the Swiss Re Institute.
They predict that in 2023, damages will surpass USD $60 billion (all figures in U.S. dollars) as a result of the frequent occurrence of these storms and other natural disasters.
Severe Rainfall Alert:
For the fourth year in a row, they write, “high frequency of low single-digit billion-dollar events adds up to large insured losses that will exceed the $100-billion threshold.”
“This year, the re/insurance industry paid for about 40% of the economic losses ($269 billion), indicating a significant protection gap globally.”
They also state that in 2023, natural disasters will once more shatter a number of loss records, with severe convective thunderstorms being the primary cause.
Severe Cold wave Alert:
According to the institute, this is the first time this degree of damage to the industry has been caused by strong thunderstorms.
According to Jérôme Jean Hegelian, group chief economist at Swiss Re, “the cumulative effect of frequent, low
-loss events, along with increasing property values and repair costs, has a big impact on an insurer’s profitability over a longer period.”
Severe Meaning:
“The primary insurance industry’s profitability has been put to the test by the high frequency of severe thunderstorms since 2023.”
They claim that although losses from the North Atlantic hurricane season are still below average for 2023 thus far, losses from severe thunderstorms have risen by 7% a year over the previous 30 years.
They claim that 2023 will see an increase of nearly 90% over the preceding five-year average.
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