Catastrophe Risks
2022 Added to 6-Year Trend of Unprecedented Catastrophe Losses
The notion of "it only takes one" to create a costly catastrophe year for the insurance industry was highlighted once again in 2022 by September's Hurricane Ian, a new report from Moody's RMS notes. With insured losses of up to $74 billion, the storm turned a potentially mild hurricane season into a costly one. Learn More
CCRIF SPC Technical Workshop Focuses on Parametric Insurance
CCRIF SPC held a 2-day technical workshop on parametric insurance and modeling in February for more than 50 attendees, representing 18 CCRIF Caribbean member countries and 2 regional organizations. The event, held in Florida, was intended to deepen attendees’ knowledge and understanding of CCRIF’s parametric insurance models and products. Learn More
Risk Modeler Sees Turkey Earthquake Insured Losses Topping $5 Billion
Economic losses from the magnitude 7.8 and 7.5 earthquakes that struck southern Turkey on February 6, 2023, are likely to exceed $25 billion, with total insured losses likely to top $5 billion, according to catastrophe risk modeling firm Moody's RMS. The loss estimates don't include losses in Syria. Read More
Risk Modeler Projects Large Protection Gap in Turkey Earthquake Losses
Economic losses from the February 6 earthquakes in Turkey will likely exceed $20 billion, while insured losses will likely exceed $1 billion, according to an estimate from Extreme Event Solutions at Verisk (formerly AIR Worldwide). The estimates are based on the impacts of both magnitude 7-plus earthquakes. Read More
Large Percentage of Losses from Recent California Floods Is Uninsured
Recent flooding in California was responsible for economic losses ranging from $5 billion to $7 billion, according to risk modeling firm Moody's RMS. The loss estimate reflects property damage, loss of contents, and business interruption across residential, commercial, industrial, automobile, and infrastructure assets. Read More
For Insurers, 2022 Was Fifth-Costliest Catastrophe Year on Record
While global economic losses from 2022's natural catastrophes are 4 percent above the 21st century average at $313 billion, the $132 billion in insured losses from those catastrophes is 57 percent above the 21st century average, according to Aon. Read More
Global Insured Natural Disaster Losses Reached $120 Billion in 2022
Insured losses from natural disasters reached $120 billion in 2022, according to an assessment from Munich Re, while total natural disaster costs reached an estimated $270 billion last year. Total disaster losses were down from the $320 billion experienced in 2021 but continued a run of large loss years. Read More