CoreLogic Previews the Evolving Severe Convective Storm Risk Landscape in New Report

CoreLogic®, a leader in global property information, analytics and data-enabled solutions, released its 2024 Severe Convective Storm Report, detailing how severe thunderstorm risk is growing in the United States and highlighting the historic severe convective storm activity, also known as severe thunderstorm, seen in 2023. There were 141 days with large hail (two inch or greater) in 2023?the highest number of days in 20 years.

In the aggregate, severe convective storms generated an unprecedented amount of insured loss on par with a single major hurricane. The main driver of insured losses was hail, because unlike tornadoes and straight-line winds, hailstorms are frequent, highly damaging to property and affect large portions of the U.S. during a single storm. In 2023, large hailstorms were more common in Texas, the Southeast and the Plains, with multiple metropolises impacted, including Dallas-Fort Worth and Austin, Texas; Minneapolis, Minnesota; and Denver and Colorado Springs, Colorado.

To illustrate the severity of the storms seen in 2023, the report identifies one specific, highly damaging week of severe thunderstorm activity: June 11 ? 16, 2023. During this week, large hail and strong straight-line winds affected the Dallas-Fort Worth area. Hail stones greater than four inches in diameter were recorded in Denton County, Texas. Following this storm, CoreLogic estimated that straight-line winds and hail from this week generated $6.1 billion insured wind and hail losses in Texas, and between $7 and $10 billion in insured losses nationwide.

"Multiple factors, such as interacting climate and weather patterns, inflation and migration all have an impact on the unprecedented amount of insured loss caused by severe convective storms in 2023, and it's an important trend to pay attention to," said Jon Schneyer, Catastrophe Response Director, CoreLogic. "A home is often a person's most valuable asset, and preparedness is key to minimizing damage from large weather events like thunderstorms and hail. Taking measures like upgrading a roof with impact-resistant shingles can help minimize potential damage and keep people and homes safe during storms."

The report discusses additional factors to the increasing insured losses from severe convective storms, including migration and inflation, among others. It also outlines steps people can take to protect their homes in the event of severe thunderstorms, including installing a wind-rated garage door, maintaining the home building envelope, anchoring outdoor furniture and more. Preventative maintenance and awareness are essential to storm preparedness.

Read the full Severe Convective Storm Report by visiting the CoreLogic website.

About CoreLogic

CoreLogic is a leading provider of property insights and innovative solutions, working to transform the property industry by putting people first. Using its network, scale, connectivity and technology, CoreLogic delivers faster, smarter, more human-centered experiences, that build better relationships, strengthen businesses, and ultimately create a more resilient society. For more information, please visit www.corelogic.com.

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