According to Gallagher Re, aggregate industry SCS losses see an annual growth rate of more than 11.5% and have grown seven-fold since 2003. However, there has been no notable increase in the frequency or severity of SCS events during the past two decades. Credit: Sabphoto/Adobe Stock According to Gallagher Re, aggregate industry SCS losses see an annual growth rate of more than 11.5% and have grown seven-fold since 2003. However, there has been no notable increase in the frequency or severity of SCS events during the past two decades. Credit: Sabphoto/Adobe Stock

The first half of this year is on pace to set a record for severe convective storms (SCS) losses in the U.S., according to Gallagher Re, which projected total insured losses of at least $29 billion.

The dynamic power of SCS systems was on display in June, which saw reports of hail and damaging winds come from 25 states across the central and southern U.S. Karen Clark & Co. estimates insured losses from the June storms will be near $5.5  billion.

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Steve Hallo

Steve Hallo is managing editor of PropertyCasualty360.com. He can be reached at [email protected]

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