Catastrophe Risks
Large Percentage of Losses from Recent California Floods Is Uninsured
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
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
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
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
2022 Atlantic Hurricane Season Was Near Average by Most Measures
In their summary of the 2022 Atlantic hurricane season, researchers at Colorado State University noted that this year's season was a near-average season by most metrics, with slightly below-average levels of accumulated cyclone energy. The season's most significant continental US storm was September's Hurricane Ian. Read More