Home insurers paid out a staggering $100 billion last year, the most catastrophic financial wrecking ball in over a decade

A woman walking through hurricane damage. (Credit: Joe Raedle—Getty Images)

Home insurance companies are being battered by a costly combination of severe storms and high inflation. They just had their worst year in a decade, with storms costing their business over $100 billion—and customers are suffering for it in the form of higher prices and fewer options, as some companies choose to exit risky markets altogether.

A new report from S&P Global Market Intelligence found that American home insurers posted their worst year since 2011 last year, recording a net combined ratio—or proportion of their total losses to the premiums they collected—of 110.5% (anything above 100% represents a net loss). That represents more than a $101 billion loss overall.