Moody's has announced that insured losses from severe convective storm (SCS) events in the U.S. reached $42 billion in the first nine months of 2025. The ratings agency has labeled this a "new normal" for extreme weather, noting that the average cost per event was 31% higher than the average for the prior decade. The nine-month total for 2025 is already approaching the full-year totals for 2024. The increase in losses is driven by factors such as a 20% expansion in U.S. urban exposure since 2000, creating a larger "bullseye" for storms, alongside rising raw material costs and social inflation. In response, Moody's is launching a new North American SCS HD model in December to provide insurers with more dependable risk insights to help enhance coverage and stabilize markets.