CoreLogic: ‘Convective’ Storms Cause $17 Billion in Annual Losses

A report from CoreLogic, Irvine, Calif., said severe convective storms in the U.S. in 2022 accounted for an average annual loss of more than $17 billion among insured. Of those losses, hail damage accounts for more than $11 billion. 

“As climate changes and weather becomes more volatile, the frequency and severity of severe convective storm activity will likely continue to impact more U.S. states – more so than any other natural catastrophe,” the CoreLogic Severe Convective Storm Risk Report said.

CoreLogic defines “convective storms” as including straight-line winds, tornadoes, hail and severe thunderstorms. “With severe convective storm season peaking from March through June, these storms are the biggest cause of weather-related property damage nationwide,” the report said.

CoreLogic identified Texas, Missouri, Minnesota, Colorado, and Oklahoma at highest risk of being impacted by hailstorms. Additionally, more than one million homes were damaged by hail in 2022 across the U.S., causing damage to homes, automobiles and agriculture. Extreme winds in excess of 80 mph affected more than half a million homes in 2022 with Texas, South Carolina, California, South Dakota and Indiana among the top five.

Additionally, nearly 8,000 homes across the U.S. were affected by tornado damage in 2022, with 233 homes immediately impacted by the wind spiral of the tornado. States that sustained the most damage were Texas, Ohio, Florida, Iowa and Mississippi.