Catastrophe Risks

The global modeled average insured annual natural catastrophe loss has reached a new high of $133 billion, according to a new report from Verisk. In its 2023 Global Modeled Catastrophe Losses Report, Verisk suggested that an annual insured natural catastrophe loss topping $200 billion is plausible. Read More

Lloyd's, on behalf of the Sustainable Markets Initiative's Insurance Task Force, has entered into a partnership with the United Nations Capital Development Fund to scale insurance access for climate-vulnerable countries. The effort will initially focus on scaling solutions across Fiji and the Pacific Islands before expanding to other regions. Read More

Risk modeling firm Moody's RMS has estimated total private-market insured losses from Hurricane Idalia at between $3 billion and $5 billion, with a best estimate of $3.5 billion. The estimate represents insured losses resulting from wind, storm surge, and precipitation-induced flooding. Read More

Catastrophe risk modeling firm Moody's RMS has estimated economic losses from the Lahaina and Kula wildfires in Hawaii at $4 billion to $6 billion. Moody's RMS estimated that the burn footprints in Lahaina and Kula include insured property value ranging from $2.5 billion to $4 billion. Read More

Smaller insurers with a heavier concentration of business within Hawaii could experience more severe impacts to their capital plans, reinsurance, and enterprise risk management programs as a result of the Maui wildfires, according to A.M. Best. Inflation and supply chain issues could pose additional challenges. Read More