Catastrophe Risks

CCRIF Collaboration Aims To Reduce Impact of Barbados Wildfires

October 12, 2023

CCRIF SPV is collaborating with the University of the West Indies (UWI) to reduce the impacts of wildfires on the people, communities, and economy of Barbados. This project is being implemented under a memorandum of understanding between UWI and CCRIF SPV that has been in place since 2010. Read More

Modeled Insured Annual Natural Catastrophe Loss Reaches New High

September 26, 2023

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

Partnership Aims To Develop Insurance for Climate-Vulnerable Countries

September 26, 2023

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

Hurricane Idalia Insured Loss Estimated at $3 Billion to $5 Billion

September 7, 2023

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

Moody's RMS Estimates Maui Wildfire Insured Loss at Up to $4 Billion

August 25, 2023

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