secondary perils News

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 …

RMS: Secondary Perils Responsible for Growing Share of Disaster Claims

Not only did natural catastrophes in 2021 break insurance claims records, but they also highlighted the growing cost of non-modeled characteristics of disasters, which are altering the industry’s understanding of these risks, according to a report published by RMS. “Secondary …

Why Snow, Hail and Wildfire Are Expensive for the Insurance Industry

If you’re having trouble wrapping your mind around the scree of natural catastrophes currently plaguing the world—from deadly July floods in Germany and China to the wildfires still burning in Greece, California and Siberia —you may be interested to know …

Swiss Re Says Secondary Perils Should Be a Priority Concern for Insurers

Swiss Re warned insurers Tuesday that secondary perils such as thunderstorms and wildfires are making up a growing share of the losses caused by natural catastrophes, even in a year that experienced an abnormally active North Atlantic hurricane season. The …