Global economic losses from natural catastrophes hit $380 billion in 2023, with insured losses coming in at $118 billion, according to a new report from Aon. The protection gap – the difference between insured and economic losses — reached 69% in 2023, up from 59% in 2022.
Tag: nat cat losses
Insurers Face Wave of Inquiries Over Climate Risks
The nation’s property insurance industry is coming under unprecedented scrutiny with the launch of three inquiries into how climate change is causing premiums to soar and pushing insurers to withdraw from at-risk regions.
Record Number of Billion-Dollar Disasters Shows the Limits of America’s Defenses
The United States has suffered 23 billion-dollar disasters so far in 2023, a record for this point in the year that highlights the country’s struggle to adapt to the effects of climate change.
Rising Insurance Costs Start to Hit Home Sales
Home-insurance companies are trying to claw back steep underwriting losses by hiking rates, or pulling back from disaster-prone areas.
“Average” Nat Cat Losses in Q3 Are Likely to Keep Rates High: Berenberg
While a super-clean wind season is more likely than not to put pressure on rates in 2024 renewals, a hurricane making landfall will likely have profound implications for the industry, according to Berenberg analysts.