insured catastrophe losses

Globally, catastrophe losses that fall to the insurance and reinsurance industry are already near $100 billion, according to analysis from broker Aon, which estimates the total at $99 billion so far, including an amount for hurricane Ian.

So-called secondary perils are driving insured losses around the globe, according to reinsurance giant Swiss Re, who also said the fingerprints of climate change are evident in the increasing frequency and severity of losses.

Global reinsurance firm Munich Re estimates that global insured losses from natural catastrophe events reached $34 billion in the first-half of 2022, as over half of the economic loss tally was covered.

The insurance and reinsurance industry faced above average catastrophe losses from across the globe in the first-half of 2022, with the total coming to $39 billion, some 18% above the average, according to data from Aon.

Information from sources suggests that some primary insurance carriers are likely to recover significant amounts from their reinsurance arrangements after hurricane Ida, while a number of insurers are likely to exhaust their reinsurance towers completely, and some catastrophe bonds remain exposed.

Catastrophe risk modelling firm RMS has now added a further $6 billion to $9 billion of insurance and reinsurance market losses to its industry estimate for recent hurricane Ida, adding the expected flood toll further north and taking the total estimate range to $31 billion to $44 billion.

Analysts at investment bank Jefferies said this morning that they estimate the insurance and reinsurance industry loss from recent hurricane Ida will be around $32.2 billion, taking the 2021 catastrophe loss year-to-date run-rate far above the average.

Catastrophe risk modeller AIR Worldwide now says that hurricane Ida will cost the insurance and reinsurance market between $20 billion and $30 billion, an estimate that now includes private market inland flood insured losses.

Hurricane Ida is expected to become one of the costliest tropical storm impacts ever to affect the mainland United States, according to insurance and reinsurance broker Aon.

Data and analytics company CoreLogic has provided an insurance market loss estimate for the flooding caused by hurricane Ida’s remnants in the northeastern states of the US, saying it will range from $5 billion to as much as $8 billion.