Intense thunderstorms wreaked havoc on the U.S. in the first six months of the year, driving $34 billion worth of insured losses, according to a recent report from Swiss Re.
in some states, like Florida and California, have experienced difficulties in recent years with some insurers choosing to curb their coverage there, FOX Business previously reported.in the first half of 2023 resulted from severe thunderstorms, according to Swiss Re. That made up nearly 70% of the insured natural catastrophe losses posted overall in the time frame.severe thunderstorms
as the main driver of above-average insured losses in the first half of 2023, this secondary peril becomes one of the dominant global drivers of insured losses," Swiss Re Head of Catastrophic Perils Martin Bertogg said in a statement. "The above-average losses reaffirm a 5-7% annual growth trend in insured losses, driven by a warming climate but even more so, by rapidly growing economic values in urbanized settings, globally.
The first half of 2023 has beat out all others apart from one – 2011 – in how high its global natural catastrophe insured losses reached, per Swiss Re. That year, insured losses were $104 billion worldwide, largely caused by Japan and New Zealand both getting hit with major earthquakes, according to the reinsurance company.
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