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US SCS insured losses hit $50bn for first time in 2023: Bowen, Gallagher Re

September 27, 2023

Insured losses from severe convective storms (SCS) in the United States have continued to escalate through the third-quarter of the year, with the annual total for 2023 now reaching a record $50 billion, the first time this peril has ever caused this level of loss for the industry, Gallagher Re’s Steve Bowen has explained.

Bowen, the Chief Science Officer of reinsurance broker Gallagher Re, posted on Linkedin that, “2023 has officially crossed the $50 billion insured loss threshold for US SCS activity for the first time on record — and it will keep rising.”

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