Hailstorms Cause Over $10 Billion in Insured Losses
During the inaugural North American Workshop on Hail and Hailstorms in Boulder, Colorado, experts said hailstorms account for nearly 70 percent of annual property losses from severe U.S. convective storms. This year's hailstorm losses are likely to exceed the $10 billion mark for the 11th consecutive year, said Ian Giammanco of the Insurance Institute for Business & Home Safety. He said researchers are improving forecasting tools to help insurers and financial markets develop risk transfer tools. "Hailstorms have a global impact, so we have a critical need to understand how they may change in the future climate," said Kristen Rasmussen with the Department of Atmospheric Science at Colorado State University.