All extreme weather articles
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NewsTemperatures are rising and MENA’s protection gap leads the world – Swiss Re at GAIF34
2023 saw major earthquakes in Turkey and Morocco, severe thunderstorms and flooding in Saudi Arabia and the UAE, hailstorms in Jordan, a tropical cyclone in Oman, and a major flood in Libya.
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NewsHardest renewal market in years as industry approaches 1 April
A shortage of capacity in property catastrophe markets has resulted in the hardest market since 9/11
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NewsDjibouti signs five-year disaster risk financing deal with ARC
Deal to protect climate-vulnerable communities in the Horn of Africa covers drought and excess rainfall
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NewsSaudi megaprojects: Opportunities and risks for global reinsurers
Given the size and scale of many of these projects, the global reinsurance market will have a significant role to play, say Chris Panes and Hassan Abdulfattah
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NewsReport tackles climate modelling uncertainty
Regulators have different approaches, resulting in a lack of consistency and hindering re/insurers efforts
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News“Fingerprints of climate change” evident in 2022 nat cats
2022 is the fifth year since 2017 in which insurance losses have crossed the $100 billion threshold - Gallagher Re
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NewsCalifornia floods highlight need for “robust private market” - AM Best
Many homes covered by the NFIP would benefit from an excess policy above the NFIP coverage limit
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NewsReinsurers’ underwriting margins to expand in 2023
Fitch believes some property catastrophe risks could become uninsurable as industry capital shrinks by 15%
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News2022 nat cats set new records with $120 billion in claims
Hurricane Ian accounted for half of insured losses, making it the second most costly storm in history - Munich Re
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NewsEastern Australia floods top 2022 ex-US cat losses for insurers
The floods cost insurers $4.7 billion, while European winter storms generated $4.2 billion in claims - CRESTA
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NewsKCC puts Winter Storm Elliott losses at $5.4 billion
Estimate includes the privately insured damage to residential, commercial, and industrial properties and vehicles
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NewsClimate change justifies 50% property cat rate hikes - EY
Cat events have cost UK re/insurers more than double over the past six years than the preceding decade
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NewsFitch follows S&P in SCOR downgrade
Downgrade reflects the reinsurer’s continued weak financial performance, which “has worsened in 2022”
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NewsRSA launches low-carbon underwriting policy
Insurer has committed to achieving an underwriting portfolio for energy production that is over 75% low carbon by 2030
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NewsClimate change ‘most pressing issue’ for African insurers - CEO survey
Financial risks are topping the list of challenges facing the 54 African economies in the year ahead
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NewsBaden Baden: Trapped capital will further dent European capacity - Munich Re
Hurricane Ian will exacerbate Europe’s reinsurance supply and demand imbalance, further driving up rates
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NewsNat cats cost insurers $99 billion so far in 2022
Economic losses through the end of Q3 2022 are estimated at $227 billion, representing a protection gap of 56 percent
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NewsCatastrophic floods hit three Australian states
More extreme weather is on its way with widespread rain and storms forecast across eastern Australia later this week
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NewsFlood Re’s resilience scheme offers substantial dividend - JBA
The take up of Property Flood Resilience could have a major impact on projected flood losses in the UK
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NewsGallagher Re develops risk financing strategy for Senegal
It will combine public and private capital to finance the growing risks posed by climate change and food insecurity
