catastrophe reports

2016 was the most active catastrophe year since 1980 in the U.S. as 43 PCS-designated cat events incurred insured damages of around $21 billion, according to the PCS full-year 2016 Catastrophe Review.

An increase in catastrophe activity during the first-half of 2016 across the U.S. resulted in insured losses of $13.5 billion, which is 20% higher than the ten-year historical average, according to Property Claim Services (PCS).

PCS designated 27 catastrophe events in the first-half of 2016 across the U.S. and Canada amounting to insured losses of $15 billion, including the devastating wildfires in Alberta, Canada and a series of intense hailstorms and flooding in Texas.

PCS reported earlier this year that 2015 was the most active year for catastrophe events across the U.S. since 2007, and the firm’s first-quarter 2016 catastrophe report reveals a continuation of the trend as catastrophe frequency and severity intensified during the quarter.

PCS recorded 40 catastrophe events across the U.S. during 2015, making it the most active year for PCS-designated cat events since 1996, underlining the growing exposure of insurance-linked securities (ILS) funds to frequency events.

The frequency of catastrophe events is on the rise across the U.S. and Canada while the severity of adverse weather events during the first nine months of 2015 declined year-on-year, according to Property Claim Services (PCS).

Catastrophe activity during the second-quarter of the year has resulted in the lowest first-half catastrophe insured loss total across the U.S. and Canada since 2010, but the frequency of events is on the rise, according to Property Claims Services (PCS).

Aon Benfield, the reinsurance broking arm of Aon plc, said today that its Impact Forecasting catastrophe model team has determined that first-half 2015 catastrophe insured losses totaled just $15 billion, which is 47% below the ten-year average.

Global insurance industry catastrophe losses for the first-half of 2015 are some 56% less than the 10-year average ($27 billion) at $12 billion, and insured losses from the U.S. contributed 67%, or roughly $8 billion of the total, according to reinsurer Munich Re.

Insurance industry losses from catastrophes in the U.S. hit $2.2 billion during the first-quarter of 2015 from eight events, slightly below the ten-year average of $2.5 billion and just above the ten-year average of 6.7 events, according to Property Claim Services (PCS).