According to a report released on Tuesday by broker Gallagher Re, some European property reinsurance rates increased by more than 50% at January 1 renewals after the region experienced record insured losses from natural disasters such as floods and storms last year. Reinsurers insure insurers, and increases in reinsurance rates are frequently passed on to… Continue reading Some European Reinsurance Rates Rise by Over 50% at Jan 2022 Renewals
Tag: natural disasters
Insurers Won’t Save a Heating World from Floods and Fire: Bloomberg Opinion
There’s bad news for those looking for comfort in the face of flooding that’s inundated cities in China, Germany and India and wildfires that have consumed suburbs in California, Canada, and Australia: The insurance industry isn’t planning on hanging around to bail you out. An insurance rescue mission is such a routine aspect of natural… Continue reading Insurers Won’t Save a Heating World from Floods and Fire: Bloomberg Opinion
Almost One-Third of the U.S. Housing Stock is Exposed to High Risk from Natural Hazards: CoreLogic Report
CoreLogic®, a leading global property information, analytics and data-enabled solutions provider, today released its annual Climate Change Catastrophe Report highlighting the value of modern insurance and mortgage solutions in addressing the increase in climate change-induced hazard events and impact on the real estate economy. Most homes in the U.S. have some risk, often unbeknownst to… Continue reading Almost One-Third of the U.S. Housing Stock is Exposed to High Risk from Natural Hazards: CoreLogic Report
64% of $268B Global Damage from 2020 Natural Disasters Uninsured: Aon
Aon plc, a leading global professional services firm providing a broad range of risk, retirement and health solutions, today launches its global Weather, Climate & Catastrophe Insight: 2020 Annual Report. The report evaluates the impact of global natural disaster events to identify trends, manage volatility and enhance resilience. The report reveals that the 416 natural… Continue reading 64% of $268B Global Damage from 2020 Natural Disasters Uninsured: Aon
Natural Disaster Figures for 2020 Reflect Record Hurricane Season, Historic Wildfires
Global losses from natural disasters in 2020 came to $210bn, of which some $82bn was insured. Both overall losses and insured losses were significantly higher than in the previous year (2019: $166bn and $57bn respectively). The US share of losses was rather high: Natural disasters in the US accounted for US$ 95bn (2019: $51bn) of… Continue reading Natural Disaster Figures for 2020 Reflect Record Hurricane Season, Historic Wildfires
Climate Change Led to Record Insurance Payouts in 2020
COVID continues to cause severe economic distress, but natural disasters fueled by a warming planet also took their toll this year, causing record damage and displacing millions according to two new assessments of insurance claims in 2020. Christian Aid, the relief arm of 41 churches in the U.K. and Ireland, ranked the 15 most destructive… Continue reading Climate Change Led to Record Insurance Payouts in 2020
Businesses Hit by Pandemic and Disasters Will See Lower Insurance Payouts
As insurers brace for an expensive natural-disaster season because of storms and wildfires ravaging parts of the United States, the novel coronavirus is giving them an odd financial break. Many companies that were damaged or evacuated because of natural catastrophes were already generating far less revenue due to the pandemic. That means they will get… Continue reading Businesses Hit by Pandemic and Disasters Will See Lower Insurance Payouts
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
Report: Flooding and Storms in Europe Brought Significant Economic Loss in November
Aon plc, a leading global professional services firm providing a broad range of risk, retirement and health solutions, today launches the latest edition of its monthly Global Catastrophe Recap report, which evaluates the impact of the natural disaster events that occurred worldwide during November 2019. The report reveals that flooding and inland storms led to… Continue reading Report: Flooding and Storms in Europe Brought Significant Economic Loss in November
Travelers Introduces Catastrophe Map Viewer to Expedite Claim Process After Disasters
The Travelers Companies, Inc. today announced the launch of the Travelers Catastrophe Map Viewer, a new capability that provides agents and brokers with before-and-after photos of areas affected by disasters. Searchable, high-resolution aerial images are often available within one or two days after a catastrophic event — normally before anyone can physically access the location.… Continue reading Travelers Introduces Catastrophe Map Viewer to Expedite Claim Process After Disasters