Unprecedented Storm Damage in US Causes Upheaval in Insurance Industry

are still being tallied, Swiss Re said.

Winter said that it is “imperative” to act immediately in preparing communities for the"physical and financial risks of future climate-related weather events.” Symons said he is like most residents in Perrytown in that he is still arguing with insurance companies. Some residents have sought his assistance as mayor.One lesson Symons has learned from the ordeal is the importance of an annual accounting for the cost of what is inside a building and what it would cost to rebuild. One of his buildings, a furniture store, was acquired recently so the valuation was easy. Another building that he has owned for 20 years has proved more difficult.

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Severe storms cause $34 billion in insured losses in the USAccording to Swiss Re, severe storms have resulted in an unprecedented $34 billion in insured losses in the US this year. The insurance industry is facing disruptions due to the increasing frequency of extreme weather events, leading some insurers to retreat from states like Florida and California. Despite skyrocketing premiums, State Farm and Allstate have decided to no longer write new policies in California due to the rising wildfire risk and construction costs.
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