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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 →

Aon puts 2017 global catastrophe insured losses at $134bn

Impact Forecasting, the catastrophe and weather risk analysis arm of reinsurance brokerage Aon Benfield, has estimated the insurance industry losses from 2017 catastrophes and severe weather events at $134 billion, just slightly below the record high seen in 2011 of $137 billion.Aon's $134 billion estimate, from its new Weather, Climate & read the full article →

Insured catastrophe losses hit record $135bn in 2017: Munich Re

Reinsurance giant Munich Re said that natural catastrophe events in 2017 have caused record insurance and reinsurance market losses, with the total industry bill estimated at $135 billion, but insurance only covered 41% of the damage as the economic loss from 2017 disasters is pegged at $330 billion.Fellow reinsurance firm read the full article →

2017 global insured disaster losses estimated at $136bn: Swiss Re

Reinsurance giant Swiss Re has estimated that global insured losses from natural and man-made disasters will hit $136 billion, the third highest figure on record but still trailing well below an expected $306 billion of economic impact.Economic losses are significantly higher than seen in 2016 ($188bn) and losses that will read the full article →

Dominican Republic gets $150m World Bank catastrophe contingent credit

The Dominican Republic has secured the first catastrophe contingent line of credit in the Caribbean, with a $150 million Catastrophe Deferred Drawdown Option (Cat DDO) supported by the World Bank, that provides immediate financing in the event of natural disasters or public health emergencies.The World Bank explains that this is read the full article →

Australia & Turkey provide PERILS based limits at risk growth

PERILS AG, the provider of industry loss data and indices for use as risk transfer triggers, has reported healthy growth in the limits at risk using its services, expanding them 17% over the last year to reach $3.1 billion, with the growth attributed to expansion into Australia and Turkey.PERILS launched read the full article →

Swiss Re: H1 2017 insured disaster losses $23bn, 30% below average

Reinsurance firm Swiss Re has given a preliminary estimate for global economic and insured losses from natural and man-made disasters of just $23 billion for the first-half of 2017, which is down 36% on the prior year and 30% below average. Economic losses are estimated at just $44 billion, down read the full article →

First-half natural catastrophe losses way below average: Munich Re

Global economic and insurance industry losses from natural catastrophes in the first-half of 2017 have both come in way below average, with just $19.5 billion hitting re/insurers which is significantly below the $29 billion ten-year average, according to data from reinsurance firm Munich Re.Munich Re has released its latest view read the full article →

U.S. leads 2016 disaster losses due to record convective storms: Swiss Re

The global insurance and reinsurance industry suffered $54 billion of losses in 2016, according to the latest data from Swiss Re's sigma unit, with the United States leading the way due to a record number of severe convective storm events.Swiss Re's final tally for 2016 insured catastrophe and man-made disaster read the full article →

ADB examines disaster risk financing options for the Philippines

The Philippines has long been the focus of disaster risk financing and insurance discussions, given its exposure to typhoons, earthquakes, fires, rainfall, floods and drought, and now the Asian Development Bank (ADB) is examining options for disaster insurance facilities.The World Bank has been discussing catastrophe bonds in the Philippines for read the full article →