insured losses News

Insured Losses Hit $120 Billion as Extreme Weather Spreads

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 …

KCC: Bomb Cyclone Caused $5.4B in Insured Losses

The winter storm that brought frigid arctic air south to the Gulf of Mexico will cause $5.4 billion in insured losses in 42 states, Karen Clark & Co. projected on Thursday. The storm, known as Winter Storm Elliott, brought sub-freezing …

Swiss Re: Natural Disasters Cost Insurers $115 Billion this Year

Hurricane Ian and other natural catastrophes, such as European winter storms, floods in Australia and hailstorms in France and the U.S., have cost insurers an estimated $115 billion so far this year, according to a report published by Swiss Re …

KCC Projects Hurricane Ian Losses Will Top $60 Billion

Catastrophe modeler Karen Clark & Co. said Friday that Hurricane Ian will generate nearly $63 billion in losses to private insurers, which would make it the second-most expensive hurricane ever when compared to other estimates. “Hurricane Ian will be a …

Insurers Brace for Hit from Florida’s Costliest Storm Since 1992

Insurers are bracing for a hit of between $28 billion and $47 billion from Hurricane Ian, in what could be the costliest Florida storm since Hurricane Andrew in 1992, according to U.S. property data and analytics company CoreLogic. Wind losses …

Hurricane Ian Projected to Cause Historic Losses for Insurers

Experts predicted insured losses from Hurricane Ian could earn it a spot as one of the costliest natural disasters in history after the storm rapidly intensified before coming ashore in Southwest Florida with 150 mph wind and began a crawl …

Reinsurers Point to Climate Change as Insured Catastrophe Losses Surpass $30B for Half Year

An earthquake in Japan, flooding in Australia and winter storms in Europe were among catastrophes that caused more than $30 billion in insured losses during the first half of 2022, according to preliminary estimates by two major reinsurers. Swiss Re …

Viewpoint: War in Ukraine Hitting Solar and Wind Electric Power Sources

The conflict in Ukraine has the potential to become an industry-defining event for the global renewables re/insurance sector. In addition to the estimated industry-wide insured losses from wind farms reaching at least $800 million in aggregate, solar energy insured losses …

S&P Global Says Russia-Ukraine Insurance Losses Could Reach $35 Billion

LONDON — S&P Global sees losses in the speciality insurance market of $16-35 billion from the Russia-Ukraine conflict, the ratings agency said on Thursday. This includes possible aviation insurance losses totalling $6-15 billion, S&P said in a report. Other speciality …

Japan Earthquake to Cost Insurers Between $2B and $4B – Verisk

The powerful earthquake that jolted Japan’s northeast coast last week is expected to cause insured property losses between $2 billion and $4 billion, modeling firm Verisk said on Thursday. About $400 million to $820 million of the losses will stem …