Extreme storms and other natural disasters cost the world about $250 billion of losses last year, with less than half that amount actually covered by insurers, according to data compiled by Munich Re. The bill exceeds the 10-year average, and …
Claims for weather-related incidents are set to exceed $100 billion for the third year in a row, as floods, hail and wildfires linked to climate change become more frequent. Munich Re has put the total global insured costs of natural-catastrophe …
HONOLULU (AP) — An environmental group has a $2 million insurance policy on Hawaii’s coral reefs, which is in effect in time for a busier hurricane season that could damage the vital natural resources that are increasingly under threat from …
The insurance industry is struggling to adapt to a new normal in which losses fueled by climate change are now regularly exceeding $100 billion a year. Insured losses from natural disasters hit about $120 billion in 2022, most of which …
LONDON –– With the mystery of the blasts that destroyed undersea gas pipelines between Russia and Germany unsolved, Nord Stream 1’s insurers and reinsurers are grappling with how to respond to hundreds of millions of dollars in potential claims. Munich …
BERLIN (AP)–Damage wrought by Hurricane Ida in the U.S. state of Louisiana and the flash floods that hit Europe last summer helped make 2021 one of the most expensive years for natural disasters, reinsurance company Munich Re said Monday. The …
FRANKFURT — A prominent activist is calling on insurers like Swiss Re to explore suing major oil companies for climate-related damages, the latest volley in a years-long campaign that pits environmentalists against the insurance industry. The tactic urged by The …
FRANKFURT — German reinsurance group Munich Re expects net profit to bounce back this year after more than halving in 2020 as the coronavirus crisis helped drive claims to a near-decade high. Major losses in 2020 for the virus and …
LONDON — Insurers are facing a $2-3 billion loss if the Tokyo Olympics are canceled this year, amounting to the largest ever claim in the global event cancellation market, brokers say. With less than six months until the Games are …
FRANKFURT/MUNICH — German reinsurance group Munich Re will no longer insure against events canceled due to pandemics, a board member said on Tuesday. The world’s largest resinsurer is making the change after it faced large losses this year in the …