Swiss Re: Nat cats and man-made disasters in 2018
April 10 2019
According to the report the catastrophe experience of 2018 reaffirms that the loss impact of secondary peril events is anything but “secondary”. Total economic losses from natural catastrophes and man-made disasters in 2018 were US$165 billion.
Insurance covered US$85 billion of those losses, the fourth highest one-year aggregate industry payout ever, and above the previous 10-year annual average of US$71 billion. Of last year’s insured losses, US$76 billion were due to natural catastrophes and of those, more than 60% of claims were to help populations impacted by secondary peril events. Tragically, 13,500 people lost their lives in all catastrophes last year.
Secondary perils can be independent small to mid-sized events, or secondary effects of a primary peril. Their associated losses have been rising due to rapid development in areas exposed to severe weather conditions. Swiss Re expects this trend to continue given ongoing urbanisation, growth in concentration of assets in exposed areas and long-term climate change projections.
The world is warming up, leading to greater occurrences of extreme weather conditions and associated secondary perils (eg, drought and wildfires) and secondary-effect peril events (eg, torrential rains, storm surge-induced flooding).
Read the report to find out more about these perils, the capacity that is available to cover them and the insurance opportunities out there.
-
QBE’s Hammond on transformation and growth
- July 2
The Asia chief executive discusses Covid-19, going digital and restructuring.
-
Willis Towers Watson: 2019 Asia Market Report
- March 19
Economic uncertainty, more complex risks and tighter underwriting are all influencing Asia's markets.
-
Peak Re: Emerging Asia’s life and health opportunity
- March 11
Life and health premium growth is expected to outpace GDP gains in eight Asian markets.
-
Willis Re: Examining losses from 2018’s natural disasters
- January 24
Insights into the impact of an active global natural catastrophe year on economic and insured losses.
-
Aon | Navigating shifts in the global and Asia insurance markets
Neelay Patel, Aon head of growth for Asia, says the market in Asia is at an ‘interesting stage of the cycle’.
-
Sompo | Accelerating Sompo Group’s sustainable growth through the evolution of the P&C business
Sompo Holdings is taking significant steps to enhance its organizational structure and business strategy to achieve its ambition to become a Japan-born truly global company.
-
Allianz Life | Reaching for excellence through empowering people
Fostering strong customer relationships, nurturing community well-being and championing employee development through innovative insurance solutions to shape a brighter shared future for all.
-
WTW | Navigating a complex world with endless possibilities
Living with rising uncertainty from new and emerging risks can be turned into strategic opportunities for businesses.
