Extreme weather is driving up costs for MN homeowners

Climate Cast
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Automatic TRANSCRIPT

Climate change in minnesota costing you. Let's ask mark colder. He's the vice president of public affairs at the insurance federation of minnesota. I'm mark welcome to climate cast. Hi paul thank you very much for having us on and talking about this important topic what trends are insurers seeing for billion dollar weather disasters in minnesota over the past couple of decades up until nineteen ninety eight we had decades of stability and in one thousand nine hundred ninety eight. We had three significant storms including one on may thirtieth that was part of the southern great lakes to ratio. That storm cost nine hundred million dollars in insured losses and those three storms together in one thousand nine hundred cost one point five billion dollars and that's important because that one point five billion dollars in losses is more than the previous forty years combined and since then as you just noted it really hasn't stopped so this is almost becoming an annual thing. Isn't it it is. It's about every other year. We see and just in two thousand seventeen on june eleventh. There was a large hail storm. It was a very brief storm. Only about a half hour or so. It hit the northwest suburbs of the twin cities brooklyn park and coon rapids. It seemed like it was a minor thing that ended up being three point. Two billion dollar insured losses catastrophe. It was the most expensive storm in state history and the tenth most expensive storm in the world that year and so when these storms happen know the insurers pay for it when the insurance pay for it that means policyholders pay for it

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