{"id":3090,"date":"2023-08-15T08:04:29","date_gmt":"2023-08-15T13:04:29","guid":{"rendered":"https:\/\/www.bbrown.com\/?post_type=insight&p=3090"},"modified":"2023-08-15T08:04:29","modified_gmt":"2023-08-15T13:04:29","slug":"navigating-the-impacts-of-severe-convective-storms","status":"publish","type":"insight","link":"https:\/\/www.bbrown.com\/us\/insight\/navigating-the-impacts-of-severe-convective-storms\/","title":{"rendered":"Navigating the Impacts of Severe Convective Storms"},"content":{"rendered":"

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Property & Casualty<\/p>\n

\n Navigating the Impacts of Severe Convective Storms\n <\/h1>\n\t\n <\/div>\t\t\t\t\t\n\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t<\/div>\n\t\t<\/div>\n\n\t<\/div>\n\n\t\n[\/vc_column][\/vc_row][vc_row][vc_column width=”2\/3″]\n
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\n Navigating the Impacts of Severe Convective Storms\n <\/h1>\n\t\n <\/div>[vc_column_text]In recent years, Severe Convective Storms (SCS) have garnered increased attention in insurance policy negotiations. These storms, which encompass a range of weather phenomena such as lightning, straight-line winds, tornadoes and hail, have become a focal point for insurers due to a surge in incurred losses.<\/span><\/p>\n

Historically considered a \u201csecondary\u201d peril, SCS was not subject to the same scrutiny as other “traditional” natural catastrophe exposures, such as named storms, floods and earthquakes. However, the frequency and magnitude of losses associated with SCS have been steadily rising, pushing them into the spotlight.\u00a0<\/span>\u00a0<\/span><\/p>\n

\u00a0<\/span>One of the factors contributing to the escalating impact of SCS is the growing number of major natural disasters overall. Insurers are beginning to recognize the potential severity of SCS, leading them to reassess their policies and underwriting strategies accordingly.<\/span><\/p>\n

Renewable Energy Impacts<\/span><\/span><\/h3>\n

This heightened risk poses particular challenges for renewable energy projects, including solar installations. These projects are typically built on slim profit margins, making it difficult to absorb increasing insurance prices and higher deductibles. Moreover, third-party lender requirements and agreements can further complicate matters, potentially hindering the viability of renewable energy ventures.<\/span>\u00a0<\/span><\/p>\n