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Advisory council hears rising economic costs of extreme weather and insurance’s role in resilience
Summary
Presentations to Connecticut’s new Severe Weather Mitigation and Resiliency Advisory Council showed rising global and U.S. disaster costs, a large protection gap between economic and insured losses, and existing state and national programs (Fortified, retrofit grants) that could shrink recovery time and reduce long‑term costs.
Insurance and resilience experts told Connecticut’s new advisory council that climate-driven disasters are costing economies far more than insurers pay out and that mitigation programs can materially reduce both loss and recovery time.
Jeffrey, research director at the National Association of Insurance Commissioners, told the council that global economic losses in 2024 were on the order of about $320 billion, with insured losses at roughly 45% of that total. He…
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