Severe convective storms (SCS) are increasingly damaging properties and straining insurance resources as predicted climate shifts unfold in 2024, according to a recent report from Gen Re. A rapid transition from the El Niño to a La Niña climate pattern is expected to result in a significant uptick in tornado occurrences, surpassing levels recorded in 2020 and 2021. While the occurrence of hail events is decreasing, there is a noticeable increase in wind-driven incidents. The insurance industry faces heightened risk, requiring adjustments in pricing strategies and proactive risk management to navigate the evolving weather landscape.
