Catastrophe Risks
Risk Modeling Firm Says Hurricane Ian Losses Could Reach $74 Billion
Risk modeling firm RMS has estimated total private market insured losses from Hurricane Ian to be between $53 billion and $74 billion, with a best estimate of $67 billion. In addition, the National Flood Insurance Program (NFIP) could see $10 billion in losses. Read More
Modeler Projects 2022 Natural Catastrophe Losses Reaching $123 Billion
Catastrophes around the world are expected to cause $123 billion in insured losses this year, well above the average of $74 billion over the past 10 years, according to a new report from Verisk Extreme Event Solutions. Verisk notes that several factors contributed to the increase in losses. Read More
Length of Business Interruptions Will Influence Hurricane Fiona Losses
Insured losses from Hurricane Fiona in Puerto Rico and the Dominican Republic should be manageable for affected insurers but will be influenced by the duration of business interruptions due to power losses, according to A.M. Best. Read More
Updated Hurricane Forecast Projects High Chance of Serious Storms
AccuWeather has joined other forecasters in tempering its 2022 Atlantic hurricane season prediction, though its latest update still projects an active season with a high chance for significant storms making landfall on the US mainland. The forecaster now expects 16 named storms this season, including 6 to 8 hurricanes. Read More
First-Half Catastrophes Underscore Climate Change, Increased Exposures
Examining catastrophe losses during the first half of 2022, the world's two largest reinsurers both pointed to the growing influence of climate change, in addition to exposure growth in vulnerable areas and rates of insurance penetration in some of the most exposed regions of the world. Read More