Social inflation will continue to be a top concern for insurers and reinsurers in 2025 with US liability claims increasing by 57% during the past decade and nuclear verdicts rising in frequency, said Swiss Re, pointing to jury awards above …
The European Central Bank and the region’s insurance authority proposed a two-pronged approach to increase insurance coverage for floods, storms and other weather disasters that are increasingly being fueled by climate change. One part of the plan is a voluntary …
Italian companies are preparing to comply with a requirement to take out natural disaster insurance from next April, although some fear it will be hard to enforce and too costly. Many small and medium-sized firms, which form the backbone of …
A warming climate fueled the blitz of six powerful storms that hit the Philippines within a matter of weeks this year, according to a new study. The conditions that enabled the unusual string of tropical cyclones late in the season, …
Storm Darragh has triggered a red weather warning for the west coast of Wales and the Bristol Channel on Saturday, with hurricane-force winds forecast. Wind speeds are expected to reach as high as 90 miles (145 kilometers) per hour, according …
Estimated insured losses from natural catastrophes are on track to surpass US$100 billion in 2024 – for the fifth consecutive year — and are even likely to hit US$135 billion-plus, according to Swiss Re Institute. Natural disasters are driving an …
Starting Jan. 1, every company in Italy must buy insurance to protect its assets from floods, landslides and other natural hazards that have become more common thanks to global warming. It’s the latest sign of Europe’s rising anxiety about climate …
Last month’s catastrophic floods in eastern Spain are likely to have a negative impact of 0.2 percentage points on the country’s gross domestic product in the fourth quarter, the Bank of Spain said on Wednesday. More than 200 people died …
Economic losses caused by natural catastrophes reached an estimated US$280 billion in 2023, with US$51.6 billion of that total due to floods, according to Swiss Re Institute. As climate change intensifies extreme weather events and rapid urban sprawl increased asset …
Total insured losses from recent floods in Spain are expected to exceed €4 billion (US$4.2 billion), according to credit rating agency Morningstar DBRS. This insured price tag includes losses absorbed by the Consorcio de Compensación de Seguros (CCS), the state-backed …
