With the beginning of summer top of mind for the northern hemisphere, June also marks the start of a six-month long hurricane season in the Atlantic Ocean. The increasing impact of severe weather events is being felt globally due to higher exposure of natural disasters in vulnerable populations and changes in weather patterns as a result of climate change. Hurricanes are leading the pack when it comes to financial losses as damages continue to mount; according to professional services firm Aon's 2023 Weather, Climate and Catastrophe Insight, economic losses from hurricanes has increased to $340 billion, with Hurricane Ian responsible for 30% of this global loss.

The potential impact of climate change on the frequency and severity of hurricanes makes understanding and preparing for these events even more relevant. As air and ocean temperatures rise, the behavior of hurricanes is also changing, coupled with more people and assets at risk from damage from strong winds, storm surge and heavy rain. Data from the National Centers for Environmental Information demonstrates increases not only in hurricanes but also the number of other costly natural disasters. In this light, brokers and business leaders need to be well aware of the increasing costs these extreme weather events pose across more than just the physical facets of their business.