2024 severe convective storm season picking up where last year left off: CoreLogic

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Analysis by CoreLogic estimates that 1-inch or greater hail fell on over 660,000 homes between March 13th and 14th in the central United States, causing material and destructive property damage.

HailstoneDozens of severe convective storms (SCS) formed across the central U.S. over March 13th and 14th, and according to CoreLogic, ensured that the 2024 SCS season has already broken single day records from 2023, which was a record year in terms of insured SCS losses.

According to the National Weather Service’s Storm Prediction Center daily storm reports, hail as large as softballs fell in select locations across the central U.S.

In total, there were 214 hail reports on Thursday, March 14th. By the next day, 78 of those hail reports indicated hail greater than or equal to 2 inches in diameter, setting a single-day record for all National Weather Service offices.

In fact, March 13th hail impacts in Kansas and Missouri and March 14th impacts in Missouri, Illinois, and Oklahoma were worse than any single day in 2023, reports CoreLogic.

CoreLogic estimated that hail greater than 1 inch in diameter affected approximately 660,000 single- and multifamily residential properties across the country over both days.

While it’s been an active start to the season, CoreLogic says that it is too early to predict the severe convective storm impact on carriers’ loss ratios in 2024 or if it will be as bad as last year, in terms of insured losses.

“If this year is to repeat 2023 and a major hurricane was to make landfall in the U.S., insured losses could be catastrophic,” says the company.

Insurance and reinsurance broker Aon’s weekly catastrophe report via its Impact Forecasting division discusses the storm system which led to the severe weather across the central U.S., highlighting the very large hail and reports of strong tornadoes.

“Although reports of strong tornadoes continue to emerge at the time of writing, initial assessments from officials indicate substantial damage. Given the additional wind, hail, flooding, and snow impacts from this past week, total economic and insured losses could reach into the hundreds of millions USD,” says the firm.

The post 2024 severe convective storm season picking up where last year left off: CoreLogic appeared first on ReinsuranceNe.ws.

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