News & Publications

Media Contact:

Philip Nunes

BackBay Communications
20 Park Plaza, Suite 801
Boston, MA 02116

2018

Why Severe Convective Storm Losses Are Increasing

Over the past several years, insurers have experienced large losses from severe convective storms (SCS). Multi-billion dollar events are increasing in frequency; in 2011, two major events caused over $7 billion of insured losses each. In 2016, a single hailstorm in Texas resulted in losses exceeding $3 billion. The first quarter of 2017 set a record with over $6 billion of insured loss. Exposure growth alone leads to rising losses over time, but recent storm activity suggests additional factors could be at work.

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