Climate change played a part in insured losses from natural catastrophes that totalled $130 billion globally in 2021, the fourth-highest on record, broker Aon said in a report on Tuesday. Economic losses – the combination of insured and uninsured losses – reached $343 billion, Aon said in the report which it publishes annually. Climate change… Continue reading Climate Change Contributed to $130B in Insured Losses in 2021: Aon
Tag: natural catastrophes
Global Insured Catastrophe Losses Rise to $112 Billion in 2021: Swiss Re
According to Swiss Re Institute’s preliminary sigma estimates, extreme weather events in 2021, including a deep winter freeze, floods, severe thunderstorms, heatwaves, and a major hurricane, resulted in annual insured losses from natural catastrophes estimated at $105 billion, the fourth highest since 1970. While Hurricane Ida was the most expensive natural disaster in 2021, winter… Continue reading Global Insured Catastrophe Losses Rise to $112 Billion in 2021: Swiss Re
What Can Clients Do About the Rising Cost of Home Insurance
The cost of insuring a home is on the rise, forcing Americans to make tough decisions about whether to cut back on coverage or make big changes to save their wallets. The nationwide average annual premium for homeowners insurance is $1,398 today, as estimated by trade group Insurance Information Institute. The group says that from… Continue reading What Can Clients Do About the Rising Cost of Home Insurance
Wildfire-Predicting Startup Kettle Tries to Help Insurers Cope with Climate Change
Climate change is making California’s fire seasons more severe, but the conditions that lead to any single fire remain consistent: dry weather, overgrown brush, wind speed, and wind direction. Private companies and public agencies are racing to develop technology to monitor these conditions, in the hopes of understanding how wildfires spread—and predicting them before they… Continue reading Wildfire-Predicting Startup Kettle Tries to Help Insurers Cope with Climate Change
Insurance Industry Seeks to Limit Fossil Fuel Exposure Amid Growing Climate Threat
With global climate change threatening to wreak havoc on their industry, insurance companies are increasingly looking to limit their exposure to the fossil fuel sector. “This was not an issue that was central in the insurance sector, even 7 years ago,” said Robin Edger, national director of climate change for the Insurance Bureau of Canada.… Continue reading Insurance Industry Seeks to Limit Fossil Fuel Exposure Amid Growing Climate Threat
Swiss Re Institute Estimates $83B Global Insured Catastrophe Losses in 2020
Insurance industry losses from natural catastrophes and man-made disasters globally amounted to $83 billion in 2020, according to Swiss Re Institute’s preliminary sigma estimates. This makes it the fifth-costliest year for the industry since 1970. Losses were driven by a record number of severe convective storms (thunderstorms with tornadoes, floods and hail) and wildfires in… Continue reading Swiss Re Institute Estimates $83B Global Insured Catastrophe Losses in 2020
Aon Calls for Private and Public Sector Collaboration to Address the Protection Gap, Build Resilience Against Catastrophes
Aon plc, the leading global professional services firm providing a broad range of risk, retirement and health solutions, brought together on Wednesday leaders across the private and public sector for its inaugural “Collaborating to close the protection gap” conference in London. The event is designed to generate discussion on how the global finance and insurance… Continue reading Aon Calls for Private and Public Sector Collaboration to Address the Protection Gap, Build Resilience Against Catastrophes
Willis Re Reports on Insured Losses and Economic Impact Due to Natural Disasters
Willis Re’s insured loss estimates from major natural catastrophes in 2018 of about USD 69.5 billion are one of the highest since the 2011 annual market losses of USD 120 billion. This report from Willis Re summarizes economic and insured losses from the most relevant natural catastrophe events that occurred during 2018. The loss values… Continue reading Willis Re Reports on Insured Losses and Economic Impact Due to Natural Disasters
Economic Losses from Natural Disasters Top $232 Billion in 2019: Aon
Aon plc, a leading global professional services firm providing a broad range of risk, retirement and health solutions, today launches its Weather, Climate & Catastrophe Insight: 2019 Annual Report. This evaluates the impact of global natural disaster events to identify trends, manage volatility and enhance resilience. The report reveals that the 409 natural catastrophe events… Continue reading Economic Losses from Natural Disasters Top $232 Billion in 2019: Aon
U.S. Experienced $14B in Weather and Climate Disasters in 2019
It was another year of record-making weather and climate for the U.S. in 2019, which was the second wettest behind 1973. Warmer-than-average temperatures were felt by much of the country including Alaska, which logged its hottest year on record. Alaska also experienced destructive wildfires that, when combined with those in California, caused damages in excess… Continue reading U.S. Experienced $14B in Weather and Climate Disasters in 2019