natural catastrophes News

Japan Firms Have Done Little to Build Resilience Against Increasing Floods: Reuters Poll

Japanese companies have contingency plans for the floods that increasingly drench this island nation, but most have done little to fortify facilities, relying instead on insurance and securing alternative supply sources, a Reuters poll found. Japanese have long been conditioned …

Natural Catastrophes Cost $150B in 2019, with Insurers Paying $52B: Munich Re

Natural catastrophes caused overall losses of US$150 billion during 2019, including insured losses of about US$52 billion, which matches the average of the past 30 years, according to Munich Re’s catastrophe update. The reinsurer said the protection gap (the difference …

Climate Forecast for 2020s Is Warmer, Stormier and More Extreme: Opinion

Over the last decade, scientists learned a great deal about the climate, much of it concerning the connection between global warming and extreme events — heat waves, hurricanes, floods, droughts and wildfires. There has been, for many years, an understanding …

$584B at Risk From Cat Events in 2020: University of Cambridge Study

Providing an annual update of its study of the impact of catastrophic events on global GDP, researchers from the University of Cambridge find that roughly $584 billion could be wiped from the global economy from such events in 2020. According …

Catastrophe Insurance Data Firm PERILS Expands Coverage to New Zealand

PERILS, the independent Zurich-based company that provides industry-wide catastrophe insurance data, announced it has extended its market coverage to include New Zealand. PERILS is now making available market-wide property sums insured exposed to the perils of earthquake, flood and extratropical …

Insurers to Offer up to $5B in Capacity to Hike Developing Nations’ Climate Resilience

Insurers are partnering with the United Nations and other public groups to help the poorest countries bounce back from natural disasters that may become a more regular occurrence. As part of the program, as much as $5 billion in insurance …

Many Reinsurers Take Increased Catastrophe Risks as Rates Harden: S&P

Some global reinsurers have chosen to stop retrenching from catastrophe risks, deciding instead to take advantage of higher premium rates and increase their exposure, according to S&P Global Ratings. Although risk discipline is likely to prevail, global reinsurers’ greater exposure …

Severe Weather Season is Here

This post is part of a series sponsored by CoreLogic. Severe convective storms—the group name given to tornadoes, hail, and straight-line winds—are among the most common and damage-inducing natural catastrophes in the United States, frequently topping the lists of annual …

January’s U.S. Storms, Australia Floods Bring Economic Damages Near $2B: Aon

Multiple winter storms and extreme cold led to 45 deaths and cost the U.S. economy $1 billion during January, according to Aon’s Global Catastrophe Recap – January 2019. The report listed the winter storm events in the U.S. during the …

Cyber Joins Business Interruption as Top Global Business Risks: Allianz Survey

Cyber incidents join business interruption as the top risks facing global businesses, according to a survey conducted by Allianz Global Corporate & Specialty (AGCS). The impact of business interruption (which includes supply chain disruption) is the major risk for companies …