Although 2024 has seen significant global natural catastrophe activity, economic costs were slightly below average through the third quarter, according to Gallagher Re’s latest Nat Cat report. The total economic loss from natural perils in the first three quarters of …
As the market for in-house insurance surpasses a record $200 billion, the underlying reasons for that boom show how a hotter, less stable planet is redrawing the risk map for corporations. Captive insurance, where companies create their own coverage vehicles, …
A strategy that’s delivered specialist investors huge returns is now facing scrutiny, amid concerns that its risk-reward dynamics might be skewed against some issuers. Catastrophe bonds, which are issued by insurers, reinsurers and governments seeking an extra layer of disaster …
Natural catastrophes caused about $62 billion of insured losses in the first half of 2024 — roughly 70% above the 10-year average — as extreme wildfires, droughts and floods upend historical norms. The data, which were compiled by Munich Re, …
Hundred-year storms. Record wildfires. Unexpected tornados. These and other extreme weather and national catastrophe events are happening more often today due to climate change. While the impacts of climate change have been unfolding over the last several decades, they’ve intensified …
Global insured losses from severe thunderstorms have hit a new all-time high of $60 billion in 2023, with overall natural catastrophe claims surpassing $100 million, according to Swiss Re Institute in a new report. As the United States is particularly …
The property/casualty insurance industry is confronting challenging claims dynamics, with rising frequency and severity of claims despite decreases in economic inflation, according to Swiss Re. The pace of claims growth in the liability line of business challenges the insurability of …
Hurricanes in the East. Wildfires in the West. Those are the big disasters that grab the headlines and are driving property insurance costs and cancellations, to a large degree, right? Yes, but insurers also are seeing a huge increase in …
LONDON —Insured losses stemming from natural catastrophes rose to $50 billion in the first half of 2023, the second highest reading since 2011, reinsurer Swiss Re said on Wednesday. Severe thunderstorms accounted for 70% of total insured losses, while the …
One of the world’s top insurers 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. French insurer AXA SA has been discussing …