Insurers launch new institute to study severe thunderstorm risks amid rising losses
The insurance industry is stepping up its efforts to understand severe thunderstorms better, announcing the launch of a new research institute. This move comes as these storms cause more damage to insured property in the U.S. than any other natural disaster for the third consecutive year.
The institute is headed by Victor Gensini, a professor of atmospheric science at Northern Illinois University. He will lead research into the impact of severe thunderstorms and their potential connection to climate change.
Insurers are increasingly concerned about the rising losses from these storms. They are driving rate hikes and causing alarm within the industry. The new institute aims to provide a better understanding of these weather events, helping insurers to manage risks more effectively.
The new research institute, led by Victor Gensini, will focus on severe thunderstorms and their potential link to climate change. This initiative reflects the insurance industry's growing concern about the increasing damage caused by these storms and their impact on insurer losses.
