L.S. Howard

Economic losses caused by natural catastrophes reached an estimated US$280 billion in 2023, with US$51.6 billion of that total due to floods, according to Swiss Re Institute.

Estimated insured losses from natural catastrophes are on track to surpass US$135 billion in 2024 – for the fifth consecutive year, according to Swiss Re

The top 10 most well-read international stories for 2024 covered a diverse range of topics, including nuclear verdicts, Taylor Swift's concert

Reinsurance buyers generally found ample capacity during the January renewals as well as increased reinsurer appetite, which led to risk-adjusted rate

Insurance broker Aon plc announced the appointment of John Neal as global CEO of Reinsurance at Aon and chairman of Climate Solutions, effective following the conclusion of his notice period at Lloyd's of London where he has served as CEO since October 2018.

Insurers saw the third most expensive year for natural catastrophe losses in 2024 – reaching a total of US$140 billion – as climate change “is showing its claws,” according to Munich Re.

Insurers saw the third most expensive year for natural catastrophe losses in 2024—reaching a total of $140 billion—as climate change “is showing its claws,” according to Munich Re. Overall economic losses from natural disasters worldwide reached $320 billion in 2024, compared to $268 billion in 2023 when adjusted for inflation, Munich Re said in its … Continued

Insurers are facing significant losses from the catastrophic Los Angeles wildfires—given the high value of homes and businesses in the affected communities. However, those losses are likely to be manageable for both insurers and their reinsurers, with preliminary estimates ranging from $10 billion to $15 billion, according to S&P Global Ratings. “Significant wildfire losses in … Continued

Cyber, business interruption and natural catastrophes are the top three risks that concern global businesses, according to the Allianz Risk Barometer

There has been some question about whether California's insurer of last resort – the FAIR Plan – has enough cash on hand to pay for its share of wildfire claims. While cash is limited and reinsurance has a deductible that exceeds available cash, the state appears likely to step in to provide a mechanism to help finance costs.