Around the globe, the past two to three years have been incredibly difficult for insurers and their policyholders. In 2023, Europe was hit with more than €13.4 billion in damage caused by flooding and other weather/climate related events. There were nearly 30 confirmed weather/climate disasters in the United States in 2024 that each caused $1 billion or more in damages. And experts estimate that the LA wildfires from January 2025 will be responsible for more than $250 billion in damages and other economic impacts. These catastrophic events are traumatic for the policyholders involved and expensive for the carriers who insure them.