Descriptions:
Severe convective storms dominated natural catastrophe losses in 2023, reaching a new high of USD 64 billion, according to Swiss Re Institute’s latest sigma report. Watch Elisabeth Viktor, our Senior Nat Cat specialist, break down the basics on what severe convective storms are, the factors that drive them, and their subsequent impact on the re/insurance industry.
Increasing risks associated with severe convective storms look like they are here to stay, with inflation and exposure driving this trend. There is also growing scientific evidence that climate change plays a role in influencing severe convective storms. The insurance industry can play an important role in helping society mitigate the effects of this hazard by developing strategies for managing risk, enhancing resilience, and improving modelling capabilities.
Connecting tornado frequency and climate change is tricky, because twisters are such short lived phenomena, and the best technology to detect them, Doppler Radar, has not been around long enough for a solid data base to emerge.
That said, as Jeff Masters tells me in the video above, “We are seeing tornados in places, and at times of year, when we have not seen them before.”
There is also evidence for a shift in tradtitional “Tornado Alley”, from the well known Texas, Oklahoma corridor, eastward into the American Southeast, and somewhat northward. (also discussed above)
This discussion from last year on Fox Weather is pertinent.