Hail events have intensified in Denver, leading to significant damage and increased costs in the roofing industry, highlights Said Ahmad. The US is now facing an insurance crisis as weather events become increasingly extreme, with hail quietly emerging as a major concern. Ahmad notes that claims have ballooned from $10,000 to regular six-figure repairs. The complexity in predicting hail storms frustrates insurers like Max McClure from Steadily, emphasizing the added financial strain on the industry as it grapples with unprecedented hail-related claims and coverage adjustments.
"We are getting storms right now every other year that we used to get, like, once every 10 years," he told Business Insider.
"When I first got into the business, if you had a $10,000 claim, that was considered big. Now, all of them are almost at least that," Ahmad said.
"It's been eroding balance sheets for the last 10 years," Max McClure, chief insurance officer at insurance startup Steadily, told Business Insider.
"Part of the problem is that the insurance industry does not understand hail as well as other extreme weather events," McClure told BI.
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