Catastrophe Risks

Numerous Unusual Events Drove Industry's 2021 US Weather Losses

February 28, 2022

The United States experienced an extraordinary year for extreme weather in 2021, with insurance industry losses driven by a number of unusual events, according to a recent report from Gallagher Re. Other regions of the world suffered major storm losses as well, the intermediary reports. Read More

Increasing Secondary Peril Losses Challenging Insurers' Bottom Lines

February 23, 2022

Secondary peril events are becoming more severe and are responsible for an increasingly large amount of insured losses, affecting the bottom lines of personal and commercial lines property insurance companies, according to a recent commentary from A.M. Best. Demographic shifts and population growth in catastrophe-prone areas add to the risk. Read More

2021 Natural Disaster Losses Go Well Beyond Recent Averages

February 7, 2022

An accounting of 2021's natural disasters shows those catastrophes continuing to grow in frequency and severity, as the protection gap between economic and insured losses continues to grow as well. Global insured catastrophe losses were $130 billion, while economic losses were $343 billion, according to a new report from Aon. Read More

CCRIF, Guardian General Pact Allows Scaling Up Microinsurance Program

February 4, 2022

CCRIF SPC and Guardian General Insurance Limited have signed a memorandum of understanding that will allow them to scale up a microinsurance program to protect individuals and organizations from economic losses resulting from extreme weather events such as high winds and heavy rainfall. Read More

Demand Surge, Inflation Likely To Increase Colorado Wildfire Losses

January 14, 2022

Demand surge and increasing inflationary pressures on building costs will amplify losses from recent Colorado wildfires, according to A.M. Best. In a new commentary, "Demand Surge and Inflation Will Amplify Colorado Wildfire Losses," the rating agency noted that early industry estimates placed losses from December 2021's wildfires at approximately $1 billion. Read More