In 2023, the U.S. found itself amidst a property risk crisis, underscoring a disconnect between insurance policy pricing and the escalating risk properties face from natural catastrophes.

A surge in severe convective storm (SCS) activity, also known as severe thunderstorms, generated an unprecedented amount of insured losses over the entire year and affected millions of homes across the U.S.

Several interacting factors are responsible for the loss surge last year, making clear the urgent need for a fundamental shift in underwriting practices and claim management. The CoreLogic® 2024 Severe Convective Storm Risk Report summarizes storm activity over the last year and provides unique insights into the potential loss drivers to help prepare for the 2024 season and beyond.