Edition

Severe Thunderstorm Frequency, Severity, and Vulnerability of Populations in the U.S.

Background and Purpose

2023 looks to already be the costliest year for insured severe thunderstorm damage in the U.S. surpassing the 2020 record of $44 billion, by August, and may very well surpass $50 billion for the full year. In addition to property damage, severe storms and hail have led to fatalities in the U.S. and the risks to populations in vulnerable structures seems to be worsening.

Given the context of increased storm frequency and severity, along with the issue of storm location concentration alongside vulnerable structures and populations, it would be valuable to have a collection of essays contextually discussing how big of an issue this is.

Scope

There are several important overarching considerations regarding the scope of this call for essays:

  • 2023 insured severe convective storm damage through August has already surpassed the 12-month record set in 2020.
  • With climate-related risks, future year impacts could be worse.
  • Populations in areas with large amounts of storm impacts can be in vulnerable structures.
  • The current and potential future severity along with less resilient structures where storms occur, create a scenario for larger losses both financial and loss of life.
  • The actuarial profession can have input into the discussion which can help mitigate these risks.

Sample Topics of Interest for Essays

The organizers seek essays that address the issue of increased frequency, severity and population vulnerability from severe thunderstorms. This invitation has been deliberately written broadly to allow respondents the flexibility to address this topic from one or more perspectives and approaches. Respondents are free to choose from one or more of the following sample topics below or propose others that fall within the scope of this area as described in the above section. Please note that the list is not meant to be exhaustive but merely examples of proposed topics that may be considered. Respondents are welcome to address other questions or topics that fall under the general scope of this call for essays.

Sample topics include:

  • How big of an issue is this?
  • How will climate-related risks impact future losses?
  • What can we say about the intersection of frequent severe storm location and vulnerability of populations in those areas?
  • What can the actuarial profession do to provide input to the process for mitigation, adaptation and resilience to these perils?
  • How can actuaries take a deeper look into issues such as fraudulent third-party storm damage assessment and the resulting claims litigation.

Rules for Submission of Essays

Timeline

The deadline for submissions is November 30, 2023. Essays will be published as soon as possible in a formal collection.

Length and Instructions for Submission

Essays must be submitted in English with a desired length of between 500 to 2,500 words. There is no requirement for formal or extensive footnoting.

Author information must be submitted with the essay and include name; credentials or designations (if appropriate); title; organization/company; e-mail address; and phone number. Please provide all author information at the beginning of the essay.

Essays that contain any overt political statements, commercial content, and other inappropriate material will not be accepted. Articles must comply with the SOA's antitrust guidelines.

Please submit your essay via e–mail to the SOA Research Institute Catastrophe & Climate Strategic Research Program at Research-CC@soa.org.

Consideration will be given to creativity, originality and the extent to which an idea might help promote further thought in this area.

Publication and Presentation

Depending on how many essays are received and the range of the topic areas, a suitable format for electronic publication and dissemination will be selected. Essays may also be presented at an SOA meeting, webcast, or other professional development event.

In addition, other venues for publication or presentation of the ideas outside of the Institute will be considered. It is hoped that publication of the collected essays will further knowledge and stimulate discussion as well as promote future efforts in this area.

Rights Granted

Please understand that by submitting an essay for consideration, the essay author(s) is granting to the Society of Actuaries Research Institute an unlimited license to print or republish their essay, with proper attribution given to the author(s).

Questions

Please direct any questions regarding this Call for Essays to Research-CC@soa.org.