Catastrophe Risks

Risk Modeler Projects Large Protection Gap in Turkey Earthquake Losses

February 16, 2023

Economic losses from the February 6 earthquakes in Turkey will likely exceed $20 billion, while insured losses will likely exceed $1 billion, according to an estimate from Extreme Event Solutions at Verisk (formerly AIR Worldwide). The estimates are based on the impacts of both magnitude 7-plus earthquakes. Read More

Large Percentage of Losses from Recent California Floods Is Uninsured

February 2, 2023

Recent flooding in California was responsible for economic losses ranging from $5 billion to $7 billion, according to risk modeling firm Moody's RMS. The loss estimate reflects property damage, loss of contents, and business interruption across residential, commercial, industrial, automobile, and infrastructure assets. Read More

For Insurers, 2022 Was Fifth-Costliest Catastrophe Year on Record

January 30, 2023

While global economic losses from 2022's natural catastrophes are 4 percent above the 21st century average at $313 billion, the $132 billion in insured losses from those catastrophes is 57 percent above the 21st century average, according to Aon. Read More

Global Insured Natural Disaster Losses Reached $120 Billion in 2022

January 11, 2023

Insured losses from natural disasters reached $120 billion in 2022, according to an assessment from Munich Re, while total natural disaster costs reached an estimated $270 billion last year. Total disaster losses were down from the $320 billion experienced in 2021 but continued a run of large loss years. Read More

Risk Modeler Estimates Winter Storm Elliott Losses at $5.4 Billion

January 3, 2023

Insured losses related to Winter Storm Elliott will reach $5.4 billion across 42 states, according to analysis by risk modeling firm Karen Clark & Company (KCC). Commercial losses are expected to account for half of all insured losses from the storm, KCC said. Read More