Severe convective storms were the costliest peril in 2025, leading to US$61 billion (NZ$102 billion) in insured losses globally, according to insurance broker Aon. Convective storms are more commonly known as thunderstorms and are associated with heavy rain, lightning, hail, strong gales and temperature changes. The Insurance Council of New Zealand, in 2020, reported that it led to insured losses of $170 million. Knight says this shows how significant damages can be from severe convective storms and hail. Global insured losses reached at least US$127 billion (NZ$213 billion) which is 27% above the long-term average, the report says.

Source: Stuff February 24, 2026 06:53 UTC