Global Natural Disaster Losses in H1 2024 Reached $120 bn
Global natural disaster losses in the first half of 2024 reached $120 bn, down from 2023, which saw $140 bn in losses due to a severe earthquake in Turkey and Syria
Natural Catastrophe Event
A natural catastrophe event is an unexpected event, caused by nature, such as an earthquake or flood, in which there is a lot of suffering, damage, or death.
Examples of natural hazards include: avalanche, coastal flooding, cold wave, drought, earthquake, hail, heat wave, hurricane (tropical cyclone), ice storm, landslide, lightning, riverine flooding, strong wind, tornado, typhoon, tsunami, volcanic activity, wildfire, winter weather.
A physical event, such as a volcanic eruption, that does not affect human beings is a natural phenomenon but not a natural hazard. A natural phenomenon that occurs in a populated area is a hazardous event.
In this section, we have collected the most current articles and reviews on the topic of the Natural Catastrophe Event.
Major Natural Disasters in H1 2024: Insights for Insurance Industry
Natural disasters amplified by climate change continue to take a bitter toll on the global economy, caused $350 bn in economic losses, with insurance covering just over $100 bn
H1 2024 Global Natural Catastrophe Statistics: Economic & Insurance Losses
1H 2024 saw multiple notable natural catastrophe events, which drove total year-to-date economic losses above at least $117 bn
Insurance Industry Faces Challenges as Atlantic Hurricane Season Begins
The 2024 Atlantic hurricane season officially began and has already been active. Business owners found that 91% identified specific weather or natural hazards as risk
2024 Global Natural Catastrophes. Top 10 Costliest Insured Events
The total economic loss from global natural catastrophes for H1 2024 was estimated at $128 bn, insured losses totalled at $61 bn
Global Natural Catastrophe Report: Q1 2024 Insurance Insights
The global financial cost of natural catastrophes starting in 2024 was manageable for federal governments and the insurance industry
Insured Losses from Noto Peninsula Earthquake in Japan Forcasts
Insured losses from the 7.6 magnitude earthquake that struck the Ishikawa prefecture on the Noto Peninsula, Japan, on 1 January 2024 are likely to be small
Largest Natural Disasters Review: Thunderstorms & Earthquakes Cost
The past year was once again characterised by extremely high insured losses from natural disasters, despite the fact that there were no extreme individual losses
Natural Catastrophes Will Break Several Insured Losses Records
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
US P&C Insurance Generates Underwriting Losses in 2023
US P&C insurance industry continued to generate significant underwriting losses in 1H2023 despite strong premium growth
North Atlantic & Western North Pacific Hurricane Season’s Impact for Re/Insurers
Moody’s RMS overview of North Atlantic seasonal activity forecasts and summarized the key oceanic and meteorological drivers behind the predictions
Natural Disaster Trends. Top 10 Costliest Economic & Insured Loss Events
Most natural disaster databases show a significant decline in the number of annual global events prior to 1980. While the biggest natural catastrophe events are typically captured
Major Natural Disaster Eventsand Insurance Loss Insights in APAC Regions
Catastrophes and natural disasters in the Asia Pacific (APAC) region amounted to a total economic loss of $80 bn. A substantial protection gap of 86%
Insured Losses from Major Natural Catastrophes in H1 2023 Estimated $23 bn
Insured losses from major natural catastrophes in the second quarter of 2023 are estimated to be less than $10 bn, in H1 totaled $23 bn
Inflation, Insurance Losses from Natural Catastrophes & Longevity Dains
The current environment is complex: inflation has stayed higher for longer than expected, natural catastrophes cause increased losses
Florida Hurricane Catastrophe Fund’s Losses & Insurance Claims Outlook
Florida Hurricane Catastrophe Fund plays a vital role in Florida’s property-insurance system as it provides relatively low-cost reinsurance
Insurers Poorly Prepared for the Increased Losses by Catastrophe & Flooding
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
Terrorism & Political Violence Insurance Market – Risk Review
Political Violence (Re)Insurance Risks are escalating as the world navigates a succession of crises. Economic and geopolitical shocks have dominated agendas
Triple-I’s Recommendations When Tornado-Caused Property Damage Occurs
Policyholders should contact their insurer to obtain the assistance they need. Many claims-filing services are available via either a mobile app or online
Re/Insurance Underwriting Results. Drivers of Natural Catastrophe Loss Growth
Property reinsurance rates rose significantly at the renewals. The losses from Hurricane Ian last year were a contributory factor
Natural Catastrophes Drivers. 6 Main Lessons for Insurance Industry
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
Global Insured Losses from Natural Catastrophes Perspective
Natural disasters resulted in global economic losses of USD 275 billion, of which USD 125 billion were covered by insurance, the fourth highest one-year total
How ILS Can Support Additional Re/Insurance Capacity for Cyber Risk
ILS plays a key role in allowing catastrophe risk to be transferred from the commercial insurance market to investors, providing additional (re)insurance capacity
Global Reinsurance Capital Challenge in Natural Catastrophe
While there was sufficient capacity to meet the reinsurance needs of cedants at 1.1, it is also true that the amount of reinsurance capital being deployed was diminished in 2022
Worst Natural Disasters. Global Natural Catastrophe Review
Climate change is taking an increasing toll. The natural disaster figures are dominated by events that are more intense or are occurring more frequently
Major deals have led global M&A activity in 2024, showing increasing confidence among dealmakers despite geopolitical and economic challenges
Hurricane Milton is anticipated to be one of the most powerful and economically detrimental hurricanes to make landfall in the western region of Florida
There are approximately 133 million healthcare data breaches each year. Healthcare systems remain complex to secure, and cybercriminals take full advantage of this
Insurance claims management software can streamline intake, evaluation, validation, payouts and closure. Unfortunately, not all platforms are built to the same standard