Most economic growth are not in assets that can experience physical damage, or not without very widespread or global devastation.

Exponentially growing economic losses thus implicate exponentially more violent weather. And exponents have a way of growing from curiosities to existential threats overnight.

Thunderstorms damage things like house cladding, roads, and water and power infrastructure. Things built 20+ years ago. Inflation is a reasonable control since it may make the repairs more expensive.

The stock market is not a reasonable control because it is related to the production of these assets. Production that is delayed and smoothed over decades.