Instant Insights / The Impact of Climate Change on P&C Insurance

Scientists have built consensus around the probability that more powerful floods, fires, droughts and storms will occur with higher frequency as the Earth gets hotter.

Market Insights

Hailstorms are getting more expensive, and no one knows why

It remains unclear whether the size of hail has anything to do with the rising costs.

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The worst U.S. losses are in an area that starts midway through North Dakota and then follows the Great Plains into Texas, according to FM Global, a Rhode Island-based industrial insurer. (Credit: Shutterstock)

(Bloomberg) — In 2008, the year the stock market crashed and Barack Obama won the presidency, the U.S. was hit with a weather phenomenon little noted by anyone beyond the insurance industry.

The country’s losses from hail and severe thunderstorms breached $19 billion in inflation-adjusted dollars that year, far exceeding the $8 billion to $12 billion norm seen previously.

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