natural catastrophes News

RMS Lists Top 10 ‘1-in-100-Year’ Events for Asia Pacific Region

The Asia Pacific region remains highly vulnerable to major catastrophes, RMS said, announcing a list of 10 “1-in-100-year” events possible in the vast area that includes the Pacific Ring of Fire and the largest concentration of tropical cyclones. Without providing …

Final Insured Loss for Germany-Austria’s Storm Herwart Rises to €264M: PERILS

The final estimate of insured property losses for Extratropical Cyclone Herwart, which primarily affected Austria and Germany on Oct. 29, 2017, is €264 million (US$300.6 million), according to PERILS, the independent Zurich-based organization that provides industry-wide catastrophe insurance data. This …

AXA’s Duverne Named Chairman of Insurance Development Forum, Replacing Catlin

The Insurance Development Forum (IDF) announced the appointment of Denis Duverne as chair of its Steering Committee, succeeding Stephen Catlin, effective Sept. 11, 2018. The IDF is a public-private partnership, led by a senior insurance industry executive and supported by …

Global H1 Insured Natural Disaster Losses 40% Lower than 10-Year Average: Aon

Global insured losses from natural disasters for the first half were preliminarily estimated at US$21 billion, which is 40 percent lower than the 10-year average of US$35 billion and 19 percent lower than the 18-year average of US$26 billion, according …

Reinsurance Capacity Remains Abundant for Mid-Year Renewals: Aon Benfield

Global reinsurer capital continued to rise in 2017, despite the US$136 billion in insured losses from natural catastrophes last year, according to a reinsurance market report published by Aon Benfield. Indeed, capital levels stood at US$605 billion at Dec. 31, …

Everest Re Expects Q1 Catastrophe Losses of $100M on Rising California Wildfire Claims

Everest Re Group Ltd. estimates it will incur $100 million of catastrophe losses, net of reinsurance recoverables and reinstatement premiums, in the first quarter of 2018, largely arising from the California wildfires and related events. Everest said its original loss …

Natural Disasters Cost Insurers a Record $144 Billion in 2017: Swiss Re’s sigma

Global insured losses from natural catastrophes were US$144 billion in 2017, the highest-ever recorded in a single year, according to the latest sigma study from the Swiss Re Institute. The biggest losses came from Hurricanes Harvey, Irma and Maria (HIM), …

U.S. March Storms Cost Economy $3B; Argentina, Uruguay Drought $4B: Aon Report

A series of winter storms and severe weather in the United States during March brought economic damages of US$3 billion, with public and private insurers covering roughly two-thirds of the cost, according to a report published by Impact Forecasting, Aon …

January Windstorms to Cost Europe’s Insurers More Than $2B: Aon

European windstorms Friederike, Eleanor and Carmen wreaked widespread damage in January, causing insured losses of more than $2 billion, according to a report published by Impact Forecasting, Aon Benfield’s catastrophe model development team. Of the Atlantic storm systems that hit …

Cyber Incidents Most Feared BI Trigger for Global Companies: Allianz Risk Report

Business interruption and cyber incidents interlink as the major threat facing companies over the coming year, according to a report published by Allianz Global Corporate & Specialty (AGCS). Allianz revealed that business interruption – including supply chain disruption – ranks …