According to a recent report by NOAA, the US has confirmed a total of 23 separate billion-dollar weather and climate disasters in 2023 alone—the most events on record during a calendar year. Since 1980, the overall total cost of these billion-dollar weather disasters (including CPI adjustments to 2023) is $2.615 trillion. These numbers tell only part of the story as the single costliest type of natural catastrophe for insurers in 2023 wasn’t hurricanes or earthquakes or volcanic eruptions—it was thunderstorms.
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