From devastating hurricanes to tornadoes, catastrophes (aka CATs) have impacted homes and businesses across the U.S. on a grand scale in the last few years. The result is the rising number of CAT claims.
For companies pricing out CAT projects, the labor shortage and supply chain continue to be a challenge. Now, add inflation and the rising cost to repair grows even larger. These have led to sticker shock at the time of repair estimates. Unfortunately, there is no immediate relief on the horizon.
Natural disasters caused an estimated $115 billion in insured losses worldwide in 2022, with Hurricane Ian causing the most damage — an estimated $50 billion to $65 billon.1 Overall, U.S. disasters caused more than $165 billion in damages in 2022.2 The U.S. experienced 18 different weather and climate disasters in 2022, costing more than $1 billion each.3
The labor shortage and strained supply chain have had a noticeable impact on all construction pricing and timelines. Add the additional constraints of a regional catastrophe and things become even more expensive.
It is more important than ever to combat the negative impacts of rising costs of CAT claims. A few things you can do immediately post-CAT claim:
While the impact of today’s economic winds across the U.S. are significant, there are many ways we can work together to support clients and their need to rebuild quickly. Your partnering with the best experts is the key to lightening your load.
This information is intended for informational purposes only. Each restoration project has unique properties and must be evaluated individually by knowledgeable consultants. Additionally, cutting samples of roof assemblies should be performed by qualified professionals and in some instances approved by the roofing manufacturer. RMC Group is not liable for any loss or damage arising out of or in connection with the use of this information.
1 Swiss Re Institute “Hurricane Ian drives natural catastrophe year-to-date insured losses to USD 115 billion, Swiss Re Institute estimates,” December 1, 2022.
2 National Centers for Environmental Information “Assessing the U.S. Climate in 2022,” January 10, 2023.
3 National Centers for Environmental Information “Billion-Dollar Weather and Climate Disasters,” January 10, 2023.
4 Geophysical Fluid Dynamics Laboratory “Global Warming and Hurricanes,” February 9, 2023.