Over the last five years, 2019-2023, the National Centers for Environmental Information (NCEI) reported over 20 CAT events per year, with a total cost estimated at $616.1 billion. (Credit: eskystudio/Adobe Stock)
It's still early in the year and your community was just ravished by another convective storm, tornado, wildfire, mass flooding, or another widespread CAT loss. This story is becoming all too familiar across the country as natural weather events are happening at a higher rate.
Over the last five years, 2019-2023, the National Centers for Environmental Information (NCEI) reported over 20 CAT events per year, with a total cost estimated at $616.1 billion. The increase in catastrophic events and higher loss ratios extends farther than just immediate damage; they are beginning to shake the foundation of the P&C insurance system and could significantly affect the independent agencies in the long run and, specifically, their agency valuations.
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