Insured Catastrophe Losses in Canada Surge to C$8.5 bn, Tripling in 2024
Insured catastrophe losses in Canada reached a record C$8.5 bn in 2024, nearly tripling the prior year’s total and standing 12 times higher than the annual average
Insured Flood Losses reviews on Beinsure Media covers analysis and information on the financial impact of flood events covered by insurance. It examines the extent of coverage provided by insurance policies for flood damage, the types of losses that can be claimed, and the claims process.
This category also reviews trends in flood insurance claims, the role of insurance in mitigating flood damage, and the effectiveness of different insurance policies. It provides insights into the financial protection offered to policyholders and highlights how insurance companies address flood-related losses. The content aims to help individuals and businesses understand their insurance options and the potential financial implications of flood events.
Insured catastrophe losses in Canada reached a record C$8.5 bn in 2024, nearly tripling the prior year’s total and standing 12 times higher than the annual average
In the US, two major hurricanes and frequent severe thunderstorms accounted for at least two-thirds of the year’s global insured losses, which currently exceed $135 bn
Economic losses from natural catastrophes in the EU are rising due to increased economic exposure and the growing severity of climate-related disasters
PERILS has released its third insurance industry loss estimate for the floods that hit southern Germany from May 31 to June 6, 2024
2024 is on track to become the hottest year recorded. A warming climate has intensified natural catastrophes, especially in Europe, which faced severe flooding
Hurricane Helene’s recent destruction underscores the rising flood risk impacting local economies and tax bases in the Eastern and Southern United States
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 U.S. flood insurance market had grown 24% – from $3.3 bn in direct premiums written to $4.1 bn between 2016 and 2022
A series of widespread thunderstorms (severe convective storms) hit the US and account for 68% of global insured natural catastrophe losses
Insured losses from hurricanes have risen over the past 15 years as hurricane activity has intensified
Re/Insurers poorly prepared for the increased loss frequency and intensity wrought by flooding and climate change as this year’s North Atlantic hurricane season
Floods affect more people across the globe than any other natural disaster. The deadly floods within year were a tragic reminder of the increasing threat
Natural and man-made disasters resulted in global economic losses of $280 bn. Insurance covered $119 bn economic losses
Today risk assessors use a wide set of tools ranging from sophisticated flood hazard maps to fully probabilistic risk models, but more can be done