Insurance losses stemming from severe convective storms are on the rise—accounting for around $70 billion in losses in 2023 alone. This trend shows no signs of slowing down, leading to higher premiums and coverage challenges as insurers struggle to model the risks associated with these unpredictable storms. In a recent article from Risk & Insurance, Nancy McConville, VP, E&S Property, weighs in, sharing how insurers are managing this increased risk. Click here to read the article and learn about how the industry is adapting to these challenges and what insureds can do to help minimize losses: https://lnkd.in/enYu8TeX
$70 billion in losses is a staggering figure that really highlights how quickly the landscape is changing for property insurance. As modeling struggles to keep pace with climate volatility, collaboration between insurers and insureds will be more important than ever. Thanks for sharing these insights.