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THE HEAT IS ON
Since 2019 , both Kansas and the United States have seen spikes in wildfire , drought , and excessive heat events . There were 16 wildfire events in Kansas in 2021 which is the most since 2000 . Drought and excess heat events in 2022 and 2023 were the 4th and 2nd highest in the past 23 years , respectively . This has driven multi-peril crop loss ratios to over 160 % the past several years which is nearly 4 times average loss ratios from 2019-2021 .
over the past three years , so has the number of “ severe ” storm events . Severe events are characterized as winds of more than 75 mph , EF3 tornados and above , 2 ” -plus hail , and hurricanes above a category 3 .
Increased frequency and severity of storm events has been challenging the profitability of the insurance industry . Add inflationary pressures for rebuilding and material costs , combined with rising liability loss costs and it is a perfect storm !
SEVERE WEATHER TRENDS
While the frequency of all storm events has increased
In 2023 , the United States experienced 28 separate disaster events of more than $ 1B each with an
14 KANSAS INSURANCE AGENT & BROKER