Catastrophe Risks
AON: 2017 Natural Disasters Generate $353 Billion of Economic Loss
AON Benfield's "Weather, Climate & Catastrophe Insight: 2017 Annual Report" reveals that 2017 had 330 natural catastrophe events that generated economic losses of $353 billion-of which 97 percent ($344 billion) was due to weather-related events. Read More
Extreme Weather Events Seen as Single Most Prominent Global Risk
"The Global Risks Report 2018," published by the World Economic Forum, shares the perspectives of global experts and decision-makers on the most significant risks that face the world. Extreme weather events were seen as the single most prominent risk, and large-scale cyber attacks ranked third in terms of likelihood. Read More
FEMA Expands Its Reinsurance Program To Manage Future Flood Risk
The Federal Emergency Management Agency (FEMA) has transferred $1.46 billion of the National Flood Insurance Program (NFIP) financial risk to the private reinsurance market. The 2018 reinsurance placement covers portions of NFIP losses above $4 billion arising from a single flooding event. Read More
Willis Re Reports on One of the Worst Loss Years on Record
With recent catastrophe loss estimates in the region of $136 billion, 2017 is proving to be one of the worst loss years on record for the global re/insurance market, according to the latest "1st View" renewals report from Willis Re. The report concludes that the stability of the reinsurance market bodes well for its future development. Read More
JLT Re: Global Property Catastrophe Reinsurance Rate Firms Selectively
According to JLT Re, at January 1, the global property catastrophe reinsurance sector experienced upward pricing pressure following 5 consecutive years of falling rates. Pricing varied significantly across regions with pronounced firming restricted to classes and geographies experiencing the highest losses. Read More