Insured losses for the severe storms, which hit Southern Australia on Oct. 28-30, 2021, are estimated at A$972 million (US$623.1 million), according to PERILS, the independent Zurich-based organization that provides industry-wide catastrophe insurance data. This fourth and final estimate dropped …
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 …
More than 50 severe flood events around the world caused combined economic losses of US$82 billion in 2021, while insured losses stood at slightly more than US$20 billion – more evidence of a large ongoing global insurance protection gap of …
Insured losses from major natural catastrophes in 2021 – excluding COVID-related losses – have so far reached an estimated US$116 billion, the third largest total since 2011, and about 63% higher than the average loss of $71 billion since 2011, …
Loss-affected lines of business, such as property catastrophe in Europe, cyber or retrocession, continued to see significant price increases during the January 2022 reinsurance renewals, while loss-free lines of business attracted additional capital, which caused prices to stay stationary or …
Canada’s total insured catastrophe losses were C$2.04 billion (US$1.63 billion) to date, landing the year in the top five loss years for the country, according to Catastrophe Indices and Quantification Inc. (CatIQ). Further, with 14 events incurring at least C$25 …
The United States staggered through a steady onslaught of deadly billion-dollar weather and climate disasters in an extra hot 2021, while the nation’s greenhouse gas emissions last year jumped 6% because of surges in coal and long-haul trucking, putting America …
Natural disasters across the globe caused economic losses of US$280 billion in 2021, of which roughly US$120 billion were insured, according to a report from Munich Re, which noted that U.S. natural catastrophes represented an exceptionally high proportion of the …
MADRID (AP) – Authorities on one of Spain’s Canary Islands declared a volcanic eruption that started in September officially finished Saturday [Dec. 25] following 10 days of no lava flows, seismic activity or significant sulfur dioxide emissions. But the emergency …
Ten water dams are being monitored for risk of bursting in Brazil after heavy rains in the country’s northeast killed at least 18 people and forced over 16,000 more to flee their homes in what local authorities are calling the …
