Information provided by the NOAA’s historical, severe weather event database unit, the National Climatic Data Center (NCDC), reveals that since 1980, 178 adverse weather events in the states have incurred costs between them surpassing $1 trillion. During the last 12 months the U.S. faced eight weather or climate disasters that saw overall economic losses exceed $1 billion. Below is an image provided by the NOAA showing the eight $1 billion events that struck the states last year. Perils like flooding and storm surge that come as a result of a severe storm or cyclone, can sometimes cause greater damage than the storm itself. The $1 trillion total economic loss, from just 178 events over 35 years, clearly shows the need for insurance, reinsurance and the capital markets participation in providing risk transfer.