Catastrophe Risks

CCRIF SPC Technical Workshop Focuses on Parametric Insurance

March 2, 2023

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. Read More

Risk Modeler Sees Turkey Earthquake Insured Losses Topping $5 Billion

February 24, 2023

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

February 16, 2023

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

February 2, 2023

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

January 30, 2023

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