“…They can impact various sectors such as ecosystems, agricultural production, and industries (Hao, 2022; Weinkle et al., 2018; Zscheischler et al., 2020), and can also cause fatalities and property losses through extreme waves, storm surges, and flooding in low‐lying coastal areas (Fang et al., 2020; D. Li, Feng, et al., 2022; Zscheischler et al., 2018). CWPEs further pose a great threat to the maritime networks, infrastructure, and operations at sea (Pryor et al., 2020; Shen et al., 2019) and are relevant for the insurance industry due to their potential to cause damages exceeding the planned insurance coverage (Hamid et al., 2011). Quantifying and understanding the responses of CWPEs to climate change is important to the assessment of future climate risk and the development of climate adaptation strategies (AghaKouchak et al., 2020).…”