Natural disasters are now happening so frequently that reinsurers — the firms that sell insurance to insurance companies — are scaling back their exposure to such risks.
Tag: natural disasters
AAA Pulls Back from Offering Insurance in Florida
AAA will not renew the auto and home insurance policies for some customers in Florida, joining a growing list of insurers dialing back their presence in the Sunshine State amid a growing risk of natural disasters.
Insurer’s Retreat in Florida Signals Crisis with No Easy Fix
Insurers are trapped in a riddle: In a world where the risk of costly disasters is rising but high premiums are squeezing policyholders and angering state regulators, how can they continue to make money?
AXA Weighs Offloading $2 Billion Reinsurance Arm to Cut Disaster Risk
One of the world’s top insurers, AXA SA, is mulling offloading its property reinsurance business in a bid to cut its exposure to natural disasters like hurricanes, according to three people familiar with the matter.
Global Insured Losses from Natural Disasters Exceeded $130B in 2022
Aon new report reveals that natural disasters caused a $313 billion global economic loss during 2022, of which $132 billion was covered by insurance.
Some Properties Are Getting Too Costly to Insure Amid Climate Change
As climate change threatens the United States with more natural disasters, it’s becoming more expensive for Americans to insure their homes — and the situation is only expected to worsen, according to experts. “These things are happening more frequently, and they’re causing more damage,” said Jeremy Porter, chief research officer at First Street Foundation, a… Continue reading Some Properties Are Getting Too Costly to Insure Amid Climate Change
Natural Disasters in First Half 2022 Cost $65 Billion: Munich Re
In the first half of 2022, natural disasters caused overall losses of $65 billion, with slightly more than half of these insured Extreme multi-day rainfall and severe flooding in Australia constituted the main loss burden for the insurance industry of at least US$ 3.7 billion U.S. once again country with highest weather-related losses Number of… Continue reading Natural Disasters in First Half 2022 Cost $65 Billion: Munich Re
FEMA Fund Debuts as Natural Disasters Grow More Damaging, Costly
A new fund is betting on companies that help with recovery from natural disasters as climate change raises the risk of hurricanes, wildfires and other catastrophes. The Procure Disaster Recovery Strategy ETF is debuting Wednesday under the ticker FEMA. Tracking an index, it holds companies involved in risk mitigation and reconstruction, including those that provide… Continue reading FEMA Fund Debuts as Natural Disasters Grow More Damaging, Costly
Cyber Perils Outrank Covid-19 and Broken Supply Chains as Top Global Business Risk: Allianz
Cyber perils are the biggest concern for companies globally in 2022, according to the Allianz Risk Barometer. The threat of ransomware attacks, data breaches or major IT outages worries companies even more than business and supply chain disruption, natural disasters or the Covid-19 pandemic, all of which have heavily affected firms in the past year.… Continue reading Cyber Perils Outrank Covid-19 and Broken Supply Chains as Top Global Business Risk: Allianz
Weather Disasters in U.S. Dominate Losses in 2021
In 2021, natural disasters caused overall losses of $280 billion, of which roughly $120 billion were insured. Alongside 2005 and 2011, the year 2021 proved to be the second-costliest ever for the insurance sector (record year 2017: $146bn, inflation-adjusted) – overall losses from natural disasters were the fourth-highest to date (record year 2011: $355bn) Hurricane… Continue reading Weather Disasters in U.S. Dominate Losses in 2021