A devastating earthquake in Turkey and Syria, severe convective storms (SCS) and large-scale urban floods were the main events driving insured natural catastrophe losses to $108 billion in 2023, reaffirming the 5–7% annual growth trend in global insured natural catastrophe losses since 1994.
Tag: natural catastrophes
Weather, Reinsurance and Inflation Once Again Drive U.S. P/C Results
Severe weather-related losses, stubborn inflation and upward reinsurance pricing drove the U.S. property/casualty (P/C) sector’s net underwriting loss to a 10-year high of $38 billion in 2023, according to a new AM Best report.
Chubb Outlook: Middle Market Companies Set Financial Growth Records, Yet Remain Cautiously Optimistic Amid Emerging Risks
Chubb and the National Center for the Middle Market (NCMM) released today new data that reveals middle market companies demonstrated continued robust growth against the backdrop of inflationary pressures, cybersecurity threats, natural catastrophes and insurance coverage gaps. These findings are the centerpiece of the 2023 Year-End Middle Market Indicator (MMI).
Swiss Re Estimates Insured Losses from Severe Thunderstorms at $60B in 2023
Natural catastrophes will once again break several loss records in 2023.
Allianz Q3 Operating Profit Down 14.6% Driven by Impact of Natural Catastrophes
Allianz has reported that its operating profit dropped 14.6% to €3.5 billion in Q3, driven by the Property/Casualty business segment affected by a 7.3 percentage point impact by natural catastrophes on the combined ratio, the highest in a decade.
Climate Risk Is Becoming Uninsurable. Better Forecasting Can Help.
In North America, only 51% of natural-catastrophe risk is covered. In Europe, it is 44%, and in Asia a paltry 12%. The fear is that more areas could become uninsurable. Underwriting requires confidence that models somewhat accurately reflect risks, which climate change is amplifying in scary, unknown ways.
Best’s Special Report: U.S. Homeowners’ Segment Challenges Stress Carrier Operating Results
Elevated frequency of natural catastrophes and secondary perils in the first half of 2023 continue to drive deterioration within the U.S. homeowners insurance segment’s financial results, according to a new AM Best special report.
Intense Storms, Insurance Crisis Force Residents of a Louisiana Community to Consider Leaving
The cost of living with intense storms is prompting some residents of St. John the Baptist Parish to consider leaving this already depopulating area west of New Orleans, which sits near sea level and has taken a pounding in recent years from a succession of floods and major storms.
U.S. Homeowners Insurance ‘Bubble’ Closer to Popping as Climate Risks Mount: Report
Tens of millions of properties around the country are insured at prices that haven’t caught up with the danger of hurricanes, wildfires and floods, according to a new report from the First Street Foundation, a nonprofit that works to define and communicate risks posed by climate change.
Navigating the Hard Market for Reinsurance
As 2023 drew near, the reinsurance market entered a challenging phase characterized by significant rate increases and a more cautious approach to risk. Reinsurance is insurance for carriers. And, when reinsurance rates fluctuate, they impact distribution channels on all sides, as seen in robust marketplaces such as the Program Business Storefront Directory.