All natural catastrophe articles – Page 2
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News$100bn is the new normal for annual nat cat losses – WTW
2023 revealed the scale of the protection gap, but was still a $100bn+ nat cat year, the broker said.
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NewsInsurance Development Forum provides Disaster Risk Reduction Task Force update
The task force has three areas of focus, according to the public-private partnership between the insurance industry and the UN, World Bank and other NGOs.
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NewsSwiss Re: SCS losses reach record $60bn in 2023
The reinsurer said natural catastrophes will once again break several loss records in 2023, with severe convective storms driving the numbers.
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NewsThe most climate vulnerable countries could lose 100%+ of GDP from insurable cats – Cambridge, Howden study
Risk-sharing action plan to scale up loss and damage funding for Global South countries to inform COP28 discussions in Dubai.
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NewsDisaster financing report shows just 2.7% of $71bn in crisis financing was pre-arranged
Addressing the protection gap, only $1.9bn of $71bn in international crisis financing that was used for pre-arranged finance in 2021, according to a study by the Centre for Disaster Protection.
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NewsMoody’s RMS developing point location data for simpler cat models
2024 is tipped to be the hottest year for 100 million years, with droughts and wildfires continuing to be a major threat, according to the cat modeller’s chief research officer.
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NewsHawaii wildfires: Moody’s RMS estimates insured property loss of $2.5-4bn
Most losses are expected to be from the town of Lahaina, which sustained catastrophic urban fires for 12 hours and destroyed almost 2,200 structures. Around 75% of the economic loss is expected to be insured, the cat modeller thinks.
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NewsSevere US storms broke records for H1 nat cat losses – Swiss Re
Severe convective storms drove global natural catastrophe insured losses, which reached $50bn across all perils, according to the Swiss Re Institute.
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NewsFirst half catastrophes “much higher than the 10-year average” – Munich Re
Earthquakes, thunderstorms and floods led the natural disaster figures for the first half of 2023.
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NewsAbove-average H1 nat cats hit $52bn – Gallagher Re
Insured losses from natural catastrophes in the first half of 2023 were driven by a series of big US storms and El Niño’s arrival.
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NewsFirst quarter nat cat economic loss the highest in 12 years – Gallagher Re
Reinsurance broker Gallagher Re said its estimate of $22bn in insured natural catastrophe losses for the quarter showcase “a significant protection gap”.
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NewsCyclone Gabrielle costs NZ insurers $1.5 billion
Catastrophes represent ”one of the most challenging periods for the insurance industry since the Canterbury earthquake sequence” - PERILS
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NewsIndustry cannot be expected to foot climate bill – Swiss Re
‘Holistic adaptation roadmaps that cut across all levels of society and sectors are vitally needed,’ says UK and Ireland chief executive
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NewsMozambique gains parametric cyclone solution
Africa Specialty Risks is lead reinsurer in the $35m placement for Africa’s second most disaster prone country
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NewsPERILS pegs insurance losses from Turkey quake at $3.5 billion
A study by Koç University has put the economic losses in Turkey in the range of $70 billion to $87 billion
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NewsHurricane Ian drives 2022 nat cat claims to breach $100 billion
Losses paint a picture of growing property exposure and exceptional inflation, says sigma
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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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NewsDWIC 2023: Middle East facing unique catastrophe challenge
Gas and oil activity linked to increased earthquake risk across the region
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NewsNat cats will continue to test reinsurers in 2023 - Moody’s
However, strong price increases coupled with higher investment income from rising interest rates will boost profitability
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NewsAriel Re sponsors third cat bond with carbon offset feature
Titania Re III provides $125m of protection for named storms and earthquakes in the US and Canada
