- Duck Creek Reinsurance Management to the P&C insurance industry added to the supplier solution suite
- New survey looks at investment and progress in Artificial Intelligence(AI) deployment by UK firms
- FRISS partners with omni:us, a provider of a AI-based cognitive claims management service
- Chubb publishes new report on emerging cyber risks and multinational insurance, created in collaboration with Clyde & Co
- KnowBe4 , the provider of the world’s largest security awareness training and simulated phishing platform, to receive $300m investment led by KKR
- UK brokers need more support from insurers to help them crack the cyber market according to Ecclesiastical research report
- Aon releases Cyber Captive Survey 2019 Report-indicates an increase in demand for cyber products among captive owners who have bought such cover in the past expired
- BMS announces partnership with BitSight to provide cyber risk analysis services to clients across all lines of business expired
- Howden announces strategic partnership with Cytegic, a leader in cyber risk quantification solutions expired
- Willis Towers Watson reports US commercial insurance prices increased in the first quarter by just above 2% expired
- Insurance Europe publishes insight briefing that examines whether the General Data Protection Regulation (GDPR) has delivered on its aims expired
- GDPR UK survey monitors progress a year after its introduction expired
9th January 2019
Munich Re estimates catastrophe losses last year at $160bn-50% insured
Munich Re comments that extreme storms, wildfires and droughts caused heavy nat cat losses in 2018, with the eventful second half of the year contributing to a high overall loss figure of $160bn.
Half of these losses were insured with the loss burden for insurers substantially higher than the long-term average.
Notably, there are clear indications of the influence that man-made climate change has had on devastating wildfires in California, which, like last year, again caused billions in losses in 2018.
“2018 saw several major natural catastrophes with high insured losses. These included the unusual phenomenon of severe tropical cyclones occurring both in the US and Japan while autumn wildfires devastated parts of California. Such massive wildfires appear to be occurring more frequently as a result of climate change. Action is urgently needed on building codes and land use to help prevent losses. Given the greater frequency of unusual loss events and the possible links between them, insurers need to examine whether the events of 2018 were already on their models’ radar or whether they need to realign their risk management and underwriting strategies,” said Munich Re Board member Torsten Jeworrek.
Munich Re Trends(437 articles)