catastrophe losses

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Texas hail storms boost Allstate’s Q1 cat losses, but Sanders Re cat bond safe

U.S. primary insurer Allstate was hit by losses from convective and severe thunderstorm related weather events in Texas in March, which have resulted in the firms Q1 catastrophe losses rising above some analysts expectations.The March hail storms and convective storm related wind losses have been an expensive event for the read the full article →

Catastrophes hit two-year high of $219bn on secondary peril losses: Swiss Re

Global insurance and reinsurance losses from natural catastrophes reached $76 billion in 2018, the fourth highest in reinsurance firm Swiss Re's sigma records.But over the two years of 2017 and 2018 global insured catastrophe losses reached a new record high level at $219 billion.Given the record level of catastrophe losses read the full article →

Physical & financial effects of climate change are accelerating: WMO

The physical and financial impacts of climate change are accelerating, according to the World Meteorological Organization, who says that record greenhouse gas concentrations are pushing global temperatures towards increasingly dangerous levels.The impacts and effects of climate change on the frequency, intensity and overall occurrence of severe weather related catastrophes and read the full article →

Weather and climate disasters cost U.S. $91bn in 2018: NOAA

The United States was hit by 14 billion dollar weather and climate disasters in 2018, costing the country roughly $91 billion, according to the U.S. National Oceanic and Atmospheric Administration (NOAA).In its latest report on the state of the U.S. climate in 2018, NOAA reports that the number of weather read the full article →

Insured natural catastrophe losses hit $90bn in 2018: Aon

42 billion-dollar severe weather and natural catastrophe events along with the impacts of a particularly costly global tropical cyclone year and higher than average wildfire losses, all aggregated to drive a $90 billion annual nat cat loss to insurance and reinsurance interests, according to Aon.The insurance and reinsurance broker said read the full article →

Munich Re pegs 2018 catastrophes at $80bn, hikes wildfires & Jebi estimates

Global reinsurance firm Munich Re said today that 2018 catastrophe events have driven an estimated $80 billion of industry losses and in the announcement has hiked some industry loss estimates for events including the California wildfires and typhoon Jebi.In 2018 it seems insurance covered roughly 50% of the total financial read the full article →

Swiss Re estimates global insured losses at $79bn for 2018

Global reinsurance firm Swiss Re has estimated that natural catastrophes and man-made disasters will cost the insurance industry around $79 billion in 2018, the fourth highest annual industry loss on its sigma records.Of the $79 billion, Swiss Re estimates that natural catastrophes will drive $71 billion of the loss to read the full article →

1-in-100 year global insured loss now modeled at $271 billion: AIR

The 1% aggregate exceedance probability insured loss (also the 100-year return period loss) from catastrophe events around the globe is now estimated at almost $271 billion by risk modeller AIR Worldwide, the highest level the metric has ever been placed at.Each year AIR Worldwide reports on global catastrophe exposure and read the full article →

Risk models challenged in estimating complex hurricanes losses: JLT Re

Risk models are challenged when it comes to estimating losses from complex hurricane events, according to a study by reinsurance broker JLT Re, which finds that overall there is a trend towards significant loss underestimation and that accuracy suffers when events have unforseen on un-modelled) consequences.The study looked at significant read the full article →

Insured disaster losses hit record $144bn in 2017: Swiss Re

The insurance and reinsurance industry was on the hook for a record $144 billion of disaster losses in 2017, which was largely driven by natural catastrophe events and the three major U.S. hurricanes, Harvey, Irma and Maria, which alone drove $92 billion of industry losses, according to Swiss Re.Global insurance read the full article →