industry loss

The recent UK flood event, which struck in the last few days in the northwest largely affecting Cumbria, has now been officially placed ‘under investigation’ by insurance and reinsurance industry loss data aggregator PERILS AG.

PERILS AG, the provider of industry-wide European catastrophe exposure, industry loss data and indices, is actively looking into this weekends UK windstorm Desmond to see whether it deserves full investigation as either a wind or flooding event.

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.

Despite severe winter weather and intense convective storm activity in the U.S. during the first six months of 2015, insurance industry losses from natural disasters and catastrophe events were again below the ten-year (2005-2014) average, according to reinsurer Aon Benfield.

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).

Insured losses across the U.S. as a result of catastrophe events increased 19% on 2013’s total, at $15.4 billion, as the frequency of events toppled the ten-year-average, according to the latest data from Property Claims Services (PCS) Q4 and Full-Year 2014 Catastrophe Review.

PERILS AG, a Zurich, Switzerland headquartered provider of industry-wide European catastrophe exposure, industry loss data and indices, has released its final insurance industry loss estimate for European windstorm Xaver with a total of €763m.