PERILS, the independent Zurich-based company that provides industry-wide catastrophe insurance data, has announced the expansion of its market coverage to include exposure and event loss data for European floods. The new service is in addition to PERILS’ windstorm coverage in …
Insurance broker Aon has incorporate the latest climate science into its Impact Forecasting’s European flood models to help enable insurers to access more accurate loss estimates to help make better decisions for underwriting, reinsurance and regulatory requirements. The models are …
Emissions of planet-warming greenhouse gases caused by human activities are directly responsible for long-term dry conditions in the Mediterranean basin and the increasing rainfall over the rest of Europe during winter, according to a study by the UK’s Met Office. …
Climate change produced another record-breaking year of extreme weather in Europe in 2021, triggering catastrophic flooding and the hottest summer on record, according to scientists at the Copernicus Climate Change Service. Summer temperatures in Europe last year were one degree …
Not only did natural catastrophes in 2021 break insurance claims records, but they also highlighted the growing cost of non-modeled characteristics of disasters, which are altering the industry’s understanding of these risks, according to a report published by RMS. “Secondary …
The most significant non-U.S. loss event in 2021 was the mid-July flooding in Western Europe, according to CRESTA, the Zurich-based insurance industry organization that provides a global standard for risk aggregation zones and catastrophe industry losses. This event generated a …
Ten of this year’s most destructive weather events cost a combined $170 billion in damages, according to a new study. Hurricane Ida, a tropical storm that pummeled much of the eastern U.S. with lashing rain in August, killed at least …
Extreme weather events in 2021, including a deep winter freeze, floods, severe thunderstorms, heatwaves and a major hurricane, resulted in estimated annual insured losses from natural catastrophes of US$105 billion, the fourth highest since 1970, according to Swiss Re Institute’s …
Reinsurers’ plans to continue raising premium rates during the January 2022 renewals are likely to contribute to stronger profitability and an improving sector outlook, according to Fitch Ratings. Fitch said it expects double-digit percentage premium rate rises for property catastrophe …
RenaissanceRe Holdings Ltd. estimated losses from certain catastrophe events will have a net negative impact of approximately $725 million on the company’s third quarter 2021 results. This estimate is primarily composed of net negative impacts of approximately $440 million from …
