“Losses rise with inflation, of course, but the losses are rising far above background inflation.”

Losses are very much in line with asset price inflation. If a house rises in value for no good reason other than loose monetary policy, so does the compensation. At the same time, insurers struggle to find safe yields to match these cost increases when that same monetary policy keeps interest rates low.

Looking at the chart pictured, one would expect that extreme weather events have increased dramatically after 2000, but that is not the case:

https://ourworldindata.org/natural-disasters