Record-breaking Thunderstorms Cause Unprecedented $84 Billion in Insured Losses

Intense thunderstorms in the U.S. during the first half of 2023 resulted in a record-breaking $34 billion in insured losses, according to a Swiss Re report. Texas was the most affected state, with over $7.2 billion in insurance losses. Globally, severe thunderstorms accounted for nearly 70% of insured natural catastrophe losses in the same period. The increase in insured losses is attributed to a warming climate and rapid urbanization. Overall, insured losses from natural catastrophes in the first half of 2023 reached $50 billion, surpassing the 10-year average by 42%.