Climate change is gradually leading to more frequent and disastrous weather events throughout the country. Most recently, tornadoes occurred out of their typical season with rarer intensity and longer storm paths. They left behind a trail of devastation and death, leveled homes and businesses, and caused roughly $5 billion in insured losses across six states in the Midwest and South. December 2021 saw a rise in weather-related claims, pushing costs above the industry’s $105 billion predicted bill for the year.
Insurance industry experts say U.S. property insurance prices have increased over the past four years due to more severe events. Property owners can expect insurance premiums to continue to rise as the expectation for more catastrophic weather increases. Keep reading to learn about the impact of changing climate conditions on the weather and how it creates risk management challenges for the insurance industry.
As weather conditions change and grow more severe, Jencap will help your clients weather the storm. Our underwriters have the market knowledge and experience needed to place the right coverage at the most competitive rate. Contact us to learn more.