Hail of two inches or greater struck the United States on 141 days last year — the highest number of annual days in two decades, according to a new CoreLogic report. Severe convective storms generated “an unprecedented amount of insured …
Powerful winds have killed a man and brought widespread destruction across Australia’s second-most populous state, leaving 530,000 homes and businesses without power and fanning fires that razed homes and injured five firefighters, officials said on Wednesday. Winds of up to …
Reinsurers’ underwriting margins are expected to peak in 2024 on the significant price rises and tighter terms and conditions achieved during 2023 and in the January 2024 renewals, which will likely lead to softer market conditions in 2025, according to …
The insurance industry is grappling with a new kind of weather risk that’s increasingly driving its biggest loss category. While no single weather event caused more than $10 billion in losses for insurers last year, there were 37 thunderstorms that …
Global insured losses from natural catastrophes totaled $118 billion in 2023, according to Aon’s annual Climate and Catastrophe Insight report. That number represented 31% of the total economic loss caused by 398 global natural disaster events. While 2022 saw the …
For hedge funds, the science of catastrophes helped generate the best returns of any alternative investment strategy last year. The calculus around natural disasters such as hurricanes and cyclones fed record gains at funds managed by firms including Tenax Capital, …
Non-peak (secondary) perils and record-setting weather and climate events drove global insured losses from natural catastrophes to an estimated $123 billion in 2023, the fourth consecutive year to exceed $100 billion, according to Gallagher Re’s annual Natural Catastrophe and Climate …
Risk specialists see extreme weather and misinformation as most likely to trigger a global crisis in the next couple of years, a World Economic Forum (WEF) survey released on Wednesday said. While extreme weather was identified as the bigger risk …
Natural catastrophes in 2023 caused global economic losses of US$250 billion, with insurers and reinsurers paying US$95 billion of that amount, according to Munich Re. Last year’s insured losses of US$95 billion are close to the five-year average of US$105 …
This year’s January reinsurance renewals were described by brokers as “stable,” “predictable,” “orderly,” “calmer,” “disciplined,” with “increased appetites” and a return to supply/demand balance. What a difference in tone from last year’s grueling January renewals. “In a marked change on …
