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 …
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 …
Moody’s RMS, the risk modeling and solutions company, estimates private market insured losses from Hurricane Otis to range between US$2.5 billion and US$4.5 billion. On the other hand, Verisk puts insured losses at US$3 Billion to US$6 Billion. The estimated …
Hurricane Otis not only devastated Acapulco, but also exposed fatal weaknesses in aging infrastructure, teaching hard lessons that coastal cities throughout Mexico must draw on. As Acapulco rebuilds after the deadly Category 5 hurricane, climate experts, architects, engineers and politicians …
Fitch Ratings expects Hurricane Otis’ effects on Mexico’s insurance industry to be controlled and within its current ratings expectations, the agency said in a statement on Wednesday. “Fitch Ratings expects that the credit impact will be negligible on the Mexican …
Hurricane Otis is expected to be one of the costliest natural catastrophe events in Mexico’s history with initial economic losses expected to top US$10 billion, according to Gallagher Re. Further, insured losses are expected to run into the billions of …
Hurricane Otis left a trail of destruction in Acapulco after tearing into the historic Mexican beach town with wind speeds of 165 miles (266 kilometers) per hour, smashing shops and wrecking apartment buildings and hotels. State authorities have reported 27 …
Hurricane Otis made landfall near the tourist hotspot of Acapulco on Mexico’s Pacific Coast as a deadly Category 5 hurricane with winds capable of collapsing homes, ripping apart power lines and tossing trees. The storm made landfall around 2:25 a.m. …
