The United States saw 18 separate billion-dollar weather and climate disasters during the first 9 months of 2021, according to the National Oceanic and Atmospheric Administration's National Centers for Environmental Information. This year is also a record 7th consecutive year in which the United States experienced 10 or more billion-dollar disasters.
Swiss Re has estimated total reinsured losses from Hurricane Ida at $28 billion to $30 billion, with its losses estimated at approximately $750 million. Hurricane IDA was the second-most intense hurricane on record to hit Louisiana and also caused extensive wind and flood damage across the Eastern and Mid-Atlantic United States.
Risk modeling firm Karen Clark & Company has released a high-resolution US wildfire model that can be used to develop underwriting and pricing strategies that account for the impacts of climate change. The model captures the potential impact of climate change on the frequency and severity of wildfires.
Catastrophe risk modeling firm RMS estimates total US insured losses from Hurricane Nicholas at between $1.1 billion and $2.2 billion. RMS said the estimate represents insured losses associated with wind, storm surge, and precipitation-induced flooding, including losses to the National Flood Insurance Program.
While reinsurers are increasingly including the impacts of climate change in their decision making, they may be dramatically underestimating their exposure to climate risk, according to a new analysis. S&P Global estimates reinsurers may be underestimating their exposures to natural catastrophe risks by 33 percent to 50 percent.