On average, catastrophes around the world are expected to cause annual insured losses of $106 billion, according to modeling firm AIR Worldwide. The estimate is from AIR's 2021 Global Modeled Catastrophe Losses report, which details global financial loss metrics based on AIR's latest suite of models reflecting near-term climate risk.
The US property insurance market is accumulating cyber risk to the extent that a 1-in-100-year loss could result in $12.5 billion in nonphysical damage losses, according to a new report. The report is based on a study by insurance industry cyber-risk analytics firm CyberCube, A.M. Best, and Aon.
A La Niña has developed and will extend through a second winter in a row, potentially influencing the remainder of this year's Atlantic hurricane season and winter weather in the United States and Canada, according to the Climate Prediction Center of the National Oceanic and Atmospheric Administration (NOAA).
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.