Insurance industry losses from US severe weather events have already surpassed $10 billion for this year, with the toll for many events still being calculated. However, forecasts for the coming days and weeks could wind up taking the toll on par with last year, warns Andrew Siffert, Senior Meteorologist at BMS.
Siffert explains that over the last five years, industry losses from severe weather have totalled, on average, $14 billion, with the previous year seeing a record $21 billion in the first four months of 2023.
