disaster

The Governments of Samoa, Tonga, Cook Islands, Vanuatu and the Marshall Islands have called for an extension to the Pacific Catastrophe Risk Insurance Pilot (PCRIP), which was renewed for its third term on November 1st 2014.

Reinsurance firm Swiss Re’s sigma has estimated that the first-half of 2014 resulted in around $44 billion of economic losses and $21 billion of insured losses from natural catastrophe and man-made disaster events.

An Aon Benfield report shows that economic losses from global natural disasters for the first six months of 2014 totaled $54 billion, roughly 49% below the 10-year (2004-2013) average of $106 billion.

Demonstrating the need to increase financial protection against weather, climate and water related disasters, a new report from the WMO shows that between 1970 and 2012 the global economy suffered a huge $2.4 trillion of losses as a result of these events.

A new report from the Asian Development Bank (ADB) highlights that Asia is lagging behind the rest of the world when it comes to developing insurance, reinsurance and capital market solutions which enable workable disaster risk transfer markets.

Global reinsurance firm Swiss Re has now delivered its final assessment on the total global economic and insured losses from natural catastrophes and man-made disasters in 2013, putting insured losses at $45 billion and economic losses at $140 billion.

2013 gave the reinsurance industry a respite, following two above-average years of losses in 2011 and 2012. Insured losses in 2013 from natural catastrophes and man-made disasters are estimated at around $40 billion, according to reinsurance broker Guy Carpenter.

The Pacific Catastrophe Risk Insurance Pilot, which provides parametric insurance cover for tropical cyclone (typhoon) and earthquake, including tsunami, risks to a group of Pacific Islands, has made its first payout to Tonga after cyclone Ian.

Impact Forecasting, reinsurance broker Aon Benfield’s catastrophe model development unit, has released its report on 2013 natural catastrophe events and puts total insured catastrophe losses for 2013 at $45 billion.

The regional breakdown of global insured natural catastrophe losses in 2013 was vastly different to that experienced in 2012, as Europe saw significant losses from extreme weather events and the U.S. experienced a benign hurricane season, shows data from Munich Re.