The insurance industry is facing a significant rise in roof-related claims. The combination of increasingly severe weather events, inflation-driven repair costs and the growing issue of roofing scams has created a perfect storm—one that is straining insurer portfolios and impacting policyholders, particularly those with high-value properties.
In 2022 alone, convective storms (which include hail and wind damage) resulted in $29 billion in roofing claims. For instance, severe convective storms, such as the August Midwest Derecho, caused significant insured losses across the U.S., contributing around $10.9 billion in damages, data from the Insurance Information Institute shows.