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Secondary perils driving insured losses globally: Swiss Re

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. Swiss Re reports an estimated $35 billion of insured losses from natural catastrophes through the first-half of read the full article →

Australia floods now second costliest cat event in its history at AU $5.134bn

The Australia flood event in February and March 2022 has now become the second costliest severe weather related catastrophe event in the country's history, as claims continue to rise and the overall industry loss is now pegged at AU $5.134 billion by the Insurance Council. The Insurance Council of Australia had read the full article →

Munich Re estimates $34bn of insured catastrophe losses for H1 2022

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. Munich Re pegs economic losses from natural disasters at $65 billion for the first-half of 2022, down on the read the full article →

Global insured catastrophe losses above avg at $39bn in H1 2022: Aon

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. The latest global catastrophe recap report from insurance and reinsurance broker Aon also shows that read the full article →

PERILS adds Australian hail to loss forecast tool, working on Florida hurricane

Catastrophe data aggregator PERILS AG has expanded its real-time industry loss forecasting software tool to cover Australian hail storm events and has upgraded the European windstorm and Australian tropical cyclones versions as well. PERILS launched the software tool named Wind-Jeannie in 2015, to provide forecasts of potential insurance or reinsurance industry read the full article →

PERILS upgrades windstorm loss forecast tool, expands it to Australia

Catastrophe data aggregator PERILS AG has upgraded its European windstorm industry loss forecasting software tool and expanded it to cover Australian tropical cyclones as well. PERILS launched the tool named Wind-Jeannie in 2015, to provide forecasts of potential insurance or reinsurance industry losses from European windstorms as they approached the continent. The read the full article →

NZ’s Canterbury earthquake loss estimate creeps up to $22.3bn

Further demonstrating the long-tail that earthquake claims can have, the insurance and reinsurance market loss estimate for the 2010 and 2011 Canterbury, New Zealand earthquakes continues to rise, with the latest figure now $22.3 billion, according to the Insurance Council. We’ve written a number of times in recent years about the 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 →

Canterbury & Kaikoura quake claims still creeping for insurers

There is evidence that claims from the New Zealand earthquakes continue to impact insurers and be passed on to reinsurance capital as a result, with IAG and Suncorp both reporting more claims coming in from Canterbury and Kaikoura quake events. The Canterbury earthquakes are now a distant memory for many in 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 →