secondary perils News

Insured Losses Could Hit $145B in 2025, Driven by Rising Claims From Secondary Perils

Global insured losses from natural catastrophes hit US$137 billion in 2024, following the 5%-7% annual growth rate that has been the norm in recent years, according to Swiss Re analysis. If this trend continues, global insured losses will approach US$145 …

Severe Storms Batter Greek Islands, With Crete Hit Hardest

Severe storms battered islands in Greece for a second day on Tuesday [April 1], with Crete experiencing the heaviest rainfall. Authorities on Paros and Mykonos, meanwhile, worked to clear overturned cars and debris following hailstorms and torrential downpours. On Monday, …

Spain’s Storms Refill Reservoirs, Easing Nation’s Worst Drought

Jana, Konrad, Laurence and Martinho — the unprecedented string of four named storms that barreled through the Iberian peninsula in the past three weeks — came with a silver lining: the likely end of Spain’s worst drought in recorded history. …

Valencia Floods Prompt Race for Funds to Boost Spain’s Climate Resilience

Spain is seeking European approval to repurpose more than a billion euros of post-pandemic recovery funds to make Valencia more resilient against climate change after the Mediterranean region suffered catastrophic heavy rains last year. The talks started a few weeks …

Insured Losses From Natural Disasters Hit $140B as Climate Change ‘Shows Its Claws’

Insurers saw the third most expensive year for natural catastrophe losses in 2024 – reaching a total of US$140 billion – as climate change “is showing its claws,” according to Munich Re. Overall economic losses from natural disasters worldwide reached …

Catastrophe Bonds See Investor Influx After ‘Fantastic’ Run

After emerging from an unusually active hurricane season with market-beating returns, catastrophe bonds are rapidly adding investors. Despite the increase in extreme weather — 2024 marked the ninth straight season in which the Atlantic basin suffered above-average storm activity — …

Bank of Spain Estimates Floods Cost 0.2% of GDP in 4th Quarter

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 …

Flood Adaptation Preferable to Post-Disaster Rebuilding – And Helps With Insurability

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 …

Spain’s Record-Breaking Floods Push Insured Losses Above €4 Billion ($4.2 Billion)

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 …

South Africa Declares National Disaster After Floods, Storms

South Africa declared a national disaster after floods and storms caused widespread damage in the country, allowing the government to free up funds for relief and reconstruction. Disruptive rains, floods, strong winds and hail from Oct. 22 to Oct. 29 …