Natural catastrophes will once again break several insured loss records in 2023. A high number of low-to-medium-severity events will aggregate to insured losses
The extreme event solutions business unit of Verisk estimates industry insured losses due to wind from Winter Storm Ciarán will range between EUR 800 mn and EUR 1.3 bn
2023 saw multiple significant disaster events, which drove total year-to-date economic losses above $295 billion, approaching the 21st-century annual average of $310 billion
The natural disasters demonstrate that economic factors, in the last two years augmented by inflation, are the main driver of elevated insured losses from natural catastrophes
ILS plays a key role in allowing catastrophe risk to be transferred from the commercial insurance market to investors, providing additional (re)insurance capacity
Insurers in Florida are currently barred from non-renewing or canceling policies, under an emergency order issued by the state’s Insurance Commissioner
The nationwide homeowners insurance giants in the U.S. have some of the highest level of catastrophe exposure to hurricane Ian, which is currently forecast to reach Florida
Because of significant exposure growth, the impact of social inflation, and climate change complications, Florida’s insurance market could struggle to respond to a repeat of a Category 5 hurricane