Catastrophe Risks
Severe April Storms in US Result in $1.5 Billion in Catastrophe Claims
AON Benfield's monthly "Global Catastrophe Recap" report reveals that five separate storm systems caused severe thunderstorms across the United States during April 2018. Total combined economic losses from convective storm-related damage in the United States during the month were estimated at $2.3 billion. Read More
Fitch: European Reinsurers Confirm Resilience to Catastrophes
As evidenced by European reinsurers' 2017 results, the sector remains resilient to catastrophe losses, said Fitch Ratings. While it took some rate increases for January and April renewals, Fitch reports that with capital typically above companies' target levels, material premium rate rises are not expected in 2018. Read More
Latest Tally Discloses Global Insured Disaster Losses of $144 Billion
According to the latest Swiss Re Institute sigma study, total global economic losses from natural disasters and man-made catastrophes in 2017 were $337 billion. Of the total losses, global insured disaster losses were $144 billion, leaving a worldwide catastrophe protection gap of $193 billion. Read More
FEMA Seeking To Tap the Capital Markets for the NFIP
The Federal Emergency Management Agency is seeking to secure additional reinsurance for the National Flood Insurance Program through a mid-year placement engaging the capital markets. This will continue to expand the role of the private markets in managing the nation's flood risk. Read More
Moody's: Climate Change Heightens Key Risks for P&C Re/insurers
Climate change creates significant challenges for the property and casualty (P&C) insurance and reinsurance sectors and has a net negative credit impact on the industry, according to Moody's Investors Service. To a lesser degree, climate change also presents opportunities for firms to introduce new products and expand existing products. Read More