Tornadoes, hail, floods, wildfires, hurricanes, and winter weather are happening with higher frequency across the U.S. Being in the Midwest, we sometimes feel an immunity from specific weather events. Still, as you can see from the map of billion-dollar weather losses (below), we certainly are not immune as we like to think.
As of October 7, this map of billon-dollar events illustrates how severe weather doesn’t just happen on the coasts and how adverse weather is increasing in frequency. The illustration does not include Hurricane Delta, which will likely be another billion-dollar weather event.
Here are a few staggering considerations:
- In 2020 (as of October 7), there have been 16 weather/climate disaster events with losses exceeding $1 billion for each event affecting the United States.
- These events included one drought event, 11 severe storm events, three tropical cyclone events, and one wildfire event.
- Overall, these events resulted in 188 deaths and had significant economic effects on the areas impacted.
- The 1980–2019 annual average is 6.6 events (CPI-adjusted); the annual average for the most recent five years (2015–2019) is 13.8 events (CPI-adjusted).
- The first nine months of 2020 ties the annual record of 16 events that occurred in 2011 and 2017.
- 2020 is the sixth consecutive year (2015-2020) in which 10 or more billion-dollar weather and climate disaster events have impacted the United States.
- Over the last 41 years (1980-2020), the years with 10 or more separate billion-dollar disaster events include 1998, 2008, 2011-2012, and 2015-2020.
Make sure to conscientiously work with your insurance broker to educate yourself on these natural disasters and their effects on the insurance market. Developing a plan to address and mitigate in advance of your renewal is critical. Remember, the Horton Group is here to help your business find the coverage you need to protect your business. If you have any further questions, please contact a Horton team member via their direct dial number, their email address, or to be directed to your team member call us at 800-383-8283.
Material posted on this website is for informational purposes only and does not constitute a legal opinion or medical advice. Contact your legal representative or medical professional for information specific to your legal or medical needs.