Climate change causes weather extremes to rise in frequency and severity, which could have detrimental effects on human life, property and livelihood activity. There is significant uncertainty about the influences of anthropogenic climate change on the occurrence and severity of small-scale, sudden onset weather phenomena such as hailstorms and subsequent loss and damage. Yet, several studies indicate that there is an apparent stable connection between hailstorm activity and hailstorm damage. Severe hailstorm events are observed in Bangladesh in recent years, which are, in fact, rapid-onset disasters but low exposure in terms of giving government response and media consideration. Hence this study examines potential impacts and management strategies for loss and damage resulting from hailstorm events among smallholder farmers in Kurigram District's Phulbari Upazila of Bangladesh. Firstly, the direct and long term economic and non-economic loss and damage caused by the hailstorm on human well-beings and livelihoods were assessed. Then, the study evaluated the current adaptation, coping, management and response strategies at the institutional and community level in the context of such extreme events. Finally, a regulatory framework and implementation approaches had suggested achieving the country's resilience against disaster and climate change-induced loss and damage. Participatory Vulnerability Analysis, Key Informant Interviews and Sample Surveys accumulated the primary data for the study. In addition, secondary data were collected through analysis of literature, published and unpublished scientific articles and media reports, etc. This research outcome will help countries develop a guideline to address climate change and disaster-related loss and damage.