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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 →

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 →

2016 U.S. catastrophe frequency the highest since 1980: PCS

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.In North America it was a fairly busy year in terms of catastrophe events, with PCS designating 43 events read the full article →

European windstorms under investigation, Egon a $100m+ loss

European windstorm Egon and European windstorm Barbara are both under investigation by PERILS AG, and Aon Benfield's Impact Forecasting unit said Egon will likely result in an insurance industry loss of over $100 million.PERILS AG, the provider of industry-wide European catastrophe exposure, insurance and reinsurance industry loss data and indices, read the full article →

UK floods loss finalised at £1.108bn on Eva-Frank drop: PERILS

PERILS AG has finalised its insurance and reinsurance industry loss estimate for the UK floods in winter 2015/16 at £1.108 billion, after its fourth industry loss estimate for storms Eva – Frank has been pegged at £504 million.Eva – Frank struck the UK between the 25th December 2015 to 14th January read the full article →

PERILS finalises Storm Desmond UK flood loss estimate at £604m

PERILS AG, provider of industry-wide European catastrophe exposure, industry loss data and indices, has finalised its industry loss estimate for the UK floods due to storm Desmond that struck the country in December 2015 at £604 million.PERILS previous loss estimate for the flooding from storm Desmond, published in June, had read the full article →

U.S. catastrophe losses 20% above historical average in H1 2016: PCS

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).First-half 2016 U.S. catastrophe loss activity increased modestly on the same period last year, as the read the full article →