Following years of eroding rates caused by excess capacities and low major-loss expenditure, particularly in European markets, low interest rates – likely to remain even lower for even longer due to the coronavirus pandemic – are impacting the profitability of reinsurers. Insurance covers are therefore likely to become more expensive, particularly for long-term risks in… Continue reading Munich Re Expects Further Hardening of Markets
Tag: catastrophic losses
Global Insured Losses of $79B Are Fourth Highest on Swiss Re Sigma Records
According to preliminary sigma estimates, total economic losses from natural and man-made catastrophes in 2018 declined to $155 billion from $350 billion in 2017. Global insured losses are estimated to be around $79 billion, higher than the annual average of the previous 10 years. There have been a number of smaller and mid-sized loss-generating disaster… Continue reading Global Insured Losses of $79B Are Fourth Highest on Swiss Re Sigma Records
AIR Worldwide Develops Advanced Probabilistic Model for Global Cyber Risks
Catastrophe risk modeling firm AIR Worldwide today announced it has developed a probabilistic model for cyber risk capable of accounting for security breach and cloud service provider downtime incidents for insurance portfolios worldwide. The new model will be included in the latest release of ARC (Analytics of Risk from Cyber), AIR’s cyber risk modeling and… Continue reading AIR Worldwide Develops Advanced Probabilistic Model for Global Cyber Risks
FEMA Overwhelmed by Hurricanes and Wildfires in 2017, According to GAO
The back-to-back devastation of hurricanes Harvey, Irma and Maria, followed by catastrophic wildfires in California, overwhelmed federal disaster responders in 2017, according to a government report released Tuesday. The unprecedented sequence of storms and fires forced Federal Emergency Management Agency staff to jump from one disaster to another and in some cases use uncertified workers… Continue reading FEMA Overwhelmed by Hurricanes and Wildfires in 2017, According to GAO
FEMA Can Stop Paying to House Puerto Rico Hurricane Victims, Judge Rules
Almost a year after Hurricane Maria devastated Puerto Rico, more than 1,000 families who lost their homes remain in hotel rooms paid for by the government. Thursday, a judge’s ruling gave them two more weeks before that assistance runs out, though he conceded they “may well be rendered homeless.” The Federal Emergency Management Agency has… Continue reading FEMA Can Stop Paying to House Puerto Rico Hurricane Victims, Judge Rules