All secondary perils articles
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NewsFrequency perils reshaping cat risk landscape – Verisk’s Garcia
Verisk’s Giovanni Garcia discusses the changing nature of catastrophe risk, the surge in so-called frequency perils, and how advances in modelling and data integration are reshaping insurers’ understanding of global exposure.
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NewsBaden-Baden: Swiss Re warns of $300bn cat year as geopolitical and civil unrest risks rise
Reinsurer Swiss Re used its pre Baden-Baden reinsurance meeting press conference to highlight escalating catastrophe losses, rising secondary perils and growing overlap between natural disasters and social unrest.
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NewsFrequency perils lead cat surge to $152bn expected insured annual cost – Verisk
A report from insurtech and catastrophe risk modeller Verisk highlights the strain on insurers as severe thunderstorms, wildfires and floods drive sustained losses, with exposure growth and climate change adding further pressure
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NewsUS wildfires cut Hiscox Re’s half-year pre-tax profit in half
Despite this year-on-year drop, the company secures ‘a resilient’ 7% growth in insurance contract written premium, says group chief underwriting officer
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NewsThe state of the market – SCOR Global P&C’s Conoscente
North American casualty risks loom large, as do European secondary perils, despite a picture of price adequacy on US peak risks, warned the chief executive of SCOR’s property and casualty (P&C) reinsurance business.
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NewsP&C vulnerability to non-peak weather perils ‘structural, not cyclical’ – Moody’s
European insurers’ exposure to “non-peak” weather perils rose steeply in 2023 because of a reduction in the availability and an increase in the cost of reinsurance, the ratings firm noted.
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NewsNew record of 142 nat cats adds up to $108bn in 2023 – Swiss Re
Swiss Re Institute said frequency of events is main driver of insured loss accumulation, with severe convective storms accounting for a record $64bn last year.
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NewsMoody’s report emphasises non-peak peril claims in 2023
Secondary perils accounted for more than half of global insured natural catastrophe losses on average over the past six years, according to rating agency Moody’s.
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NewsBullish Lloyd’s expects to be in the top quartile – Tiernan
Four pillars of the Lloyd’s 2024 cyber strategy, a nat cat portfolio shift, and a “quiet revolution” in the market, were outlined by the Lloyd’s chief of markets, speaking at a Fitch Ratings event.
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NewsBeazley: A line in the sand
Beazley’s Patrick Hartigan writes on the increased frequency of extreme weather and the need for adequate pricing for the many climate change linked secondary perils hitting re/insurance markets.
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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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NewsAM Best retains stable outlook on global reinsurance sector
Chief among the negative drivers is heightened natural catastrophe activity that continues to test investors’ risk tolerance levels
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NewsHurricane Ian drives 2022 nat cat losses to $115 billion
Ian is the second-costliest insured loss ever on sigma records after Hurricane Katrina in 2005 - Swiss Re Institute
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NewsReinsurers risk misunderstanding secondary perils due to cat models
PWC predicts a ‘pretty expensive year’ as secondary perils drive up losses ahead of H2’s Florida hurricane season
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NewsSwiss Re takes drastic action to cut RVS carbon footprint
There is a very obvious impact from climate change on secondary perils after a summer of extremes
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NewsPERILS adds European flood to its repertoire
Demand is growing for industry loss triggers as cedants seek alternatives amid the ongoing hard market - CEO Hitz
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NewsShift away from cat risks creating more “stable” market
A number of re-alignment initiatives have been taking place for at least the last three years, notes AM Best
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NewsAon taps University of California to enhance wildfire model
Recent events in North America have changed the perception of wildfire as a secondary peril
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NewsReinsurance sector retains stable outlook - AM Best
Hardening trend is expected to continue in 2022 after major cat losses in 2021
