Loss aggregator Perils has disclosed a fourth and final loss estimate of A$1.61bn ($1.0bn) for the 2023 Christmas storms that hit eastern Australia.
Losses
CCRIF SPC has paid out $805,794 to the government of Belize following rainfall association with Tropical Storm Sara.
Widespread concerns over the accuracy of Property Claim Services’ estimate for Hurricane Milton are leading to delayed renewal signings compared with past Decembers, according to KBW analyst Meyer Shields.
Perils’ estimate of insured losses from September’s flooding in Central Europe has passed the €2bn threshold in its latest market update.
EU regulators have thrown their support behind the creation of a pan-European disaster recovery fund and reinsurance pool to address rising natural catastrophe risk in the region due to climate change.
Investors have welcomed Axis entering a $2.3bn loss portfolio transfer (LPT) agreement with Enstar, with the Bermudian (re)insurer’s management noting that it will bring balance between the underwriting strategy and balance sheet as well as a $60mn gain, although it will also lead to lost investment income.
State-backed Flood Re has received backing from UK brokers for its flood resilience measures and initiatives.
Hundreds of people are feared dead in the French Indian Ocean territory of Mayotte after the island was devastated by a powerful cyclone.
Lloyd’s latest systemic risk scenario has said the global economy could be exposed to potential losses of $13.6trn over a five-year period from the threat of a hypothetical future human pandemic.
The impact of Storm Darragh, which hit western England and Wales over the weekend, serves as "another wake-up call" for (re)insurers over the escalating losses from extreme weather events, according to Swiss Re's Jason Richards.
The recent long-duration snow event that affected portions of southern Canada and the northern US between 28 November and 3 December could cause tens of millions of dollars in economic and insured losses, according to Aon.
Loss aggregator Perils has disclosed a third industry loss estimate of €1.58bn ($1.67bn) for the flooding that impacted parts of southern Germany between 31 May and 6 June 2024.
Less than half (45 percent) of leaders at large and mid-sized UK businesses believe their cyber insurance cover is effective in reducing losses in the event of cyber incident, a new study by Resilience has found.
Colombian energy firm Celsia received a multi-million-dollar payout on its weather derivative program this year after a drought affected hydropower production in South America.
Economic threats continue to "overshadow" cyber and climate risks among global executives, a new survey by the World Economic Forum has found, although extreme weather entered the top five risks among G20 countries this year.
