The 2023 net combined ratio for the property/casualty industry is forecast to be 103.8, in part due to severe convective storm losses being the highest in decades.
Tag: severe convective storms
2023’s Severe Weather Events Are Proving Costly to U.S. Insurers
The U.S. is experiencing its costliest year ever in 2023 for severe convective storms, with insured losses from these events exceeding $50 billion through the end of September, according to the Insurance Information Institute (Triple-I.)
Aon: Record $50B U.S. Severe Convective Storm Losses Drive Total Natural Catastrophe Toll in 2023
For the first time, insured losses from SCS in the U.S. surpassed $50 billion and accounted for 60% of global insured losses.
Severe Thunderstorms Account for Up to 70% of All Insured Natural Catastrophe Losses in H1 2023: Swiss Re
A series of widespread thunderstorms (severe convective storms) hit the US and account for 68% of global insured natural catastrophe losses in the first half of 2023, highlighting the increasing loss impacts of secondary perils.
Severe Convective Storms Drive Above-Average 1H Catastrophe Losses
The first 6 months of 2023 saw above-average natural catastrophe losses, with many of those losses the result of severe convective storms, according to multiple analyses of first-half catastrophe activity.