Climate events

Climate events in refer to high-frequency and high-severity weather disasters, such as “convective storms,” wildfires, and hurricanes. These events are no longer considered rare “acts of God” but are now factored into precision underwriting as recurring risks. The cumulative cost of these climate events has forced many carriers to restrict their “risk appetite” in vulnerable regions, leading to the trend of non-renewals and the surge in high-risk surplus lines policies.