“Severe convective storms (SCS) induce losses in the midwestern states surpassing even the hurricane-inflicted damages in coastal regions. This rising trend of SCS loss is contributing to unpredictable earnings, credit downgrades, and potential bankruptcy for many insurance firms.”

https://fintech.global/2023/08/17/climate-focused-demex-bags-5m-to-transform-the-reinsurance-market/