The largest non-US natural catastrophe in 2023 was the Kahramanmaras Earthquake Sequence in Turkey on Feb. 6, which generated an industry loss of US$5.8 billion, the largest ever cat loss for the Turkish insurance market, according to CRESTA, the Zurich …
Climate change is making it harder to accurately predict extreme weather events, said Australia’s agriculture minister Murray Watt, amid criticism the country’s meteorology department failed to provide timely warnings of this week’s deadly storms. “Climate change is having an impact,” …
Extreme weather in Germany again caused high insurance claims this year, with an estimated price tag of €4.9 billion (US$5.4 billion) during 2023, according to the German Insurance Association (GDV). This extreme weather – also known as severe convective storms …
NASHVILLE, Tenn. (AP) — A seventh person in Tennessee has died from injuries she suffered during a string of powerful storms earlier this month that whipped up destructive tornadoes, according to police. Penny Scroggins, a 78-year-old from Clarksville, died Saturday …
Global insured losses from severe thunderstorms have hit a new all-time high of US$60 billion in 2023, with overall natural catastrophe claims surpassing $100 billion, according to Swiss Re Institute in a new report. As the US is particularly prone …
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 …
Insured losses from severe convective storms in the United States continued to increase during the third quarter, surpassing the $50 billion mark for the first time on record and accounting for roughly 60% of all global insured losses, according to …
The deadly firestorm in Hawaii and Hurricane Idalia’s watery storm surge helped push the United States to a record for the number of weather disasters that cost $1 billion or more. And there’s still four months to go on what’s …
Loss trends for severe convective storms (SCS) have increased over the past 15 years and even more during the past five years, according to Dan Dick, global head of Catastrophe Management at Aon. “What’s interesting about these trends is when …
Allstate Corp. said estimated catastrophe losses for the month of July were $313 million or $247 million, after-tax. July has 18 events, highlighted by widespread wind and hail storms, with estimated losses of about $349 million. These losses for July …
