Catastrophe Risks
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
Behind Cyclone Gita, Captive Insurer Provides Record Payout to Tonga
Seven days after Cyclone Gita ravaged Tonga, its government received a $3.5 million insurance payout from the Pacific Catastrophe Risk Insurance Company (PCRIC), according to the World Bank. PCRIC is a captive insurance company whose parametric insurance policies are designed to payout within 10 days of a triggered event. Read More
P&C Industry's 2017 Underwriting Loss Expected To Rise to $29 Billion
A.M. Best expects the US property and casualty industry to post a second consecutive underwriting loss in 2017, driven mainly by catastrophe losses. As a result, the industry 2017 combined ratio is estimated to deteriorate to 105.1 from 100.9 in the previous year. Read More