-
The reinsurer emphasised the need for improved secondary peril models including predictive capabilities.
-
The year 2005, which featured the devastating Hurricane Katrina, remains the most expensive storm season.
-
2022 was a near-average season in terms of the number of storms, but featured an unusually quiet start in August, followed by two Florida hurricanes, including one of the US’s most expensive.
-
Flooding in February and March this year was the most expensive event in Australian history.
-
Earlier in the year, SMBC reported a $1.6bn write-off for planes stranded in Russia.
-
The pay-out figure has nearly doubled over the last two weeks.
-
The organisation has now recorded 640,496 claims, most of which were for residential property.
-
Initial loss estimates for the last quarter show lower hits to equity than observed after hurricanes Harvey, Irma and Maria five years ago.
-
Announcements and interviews at the UN conference have shed light on the tools emerging to help carriers decarbonise their underwriting portfolios.
-
The market share for the storm of 3%-5% is below syndicates’ historical average for US wind events.
-
Most claims so far have been for damage to residential property.
-
Richard Dudley, global head of climate strategy at Aon, says existing products such as IP coverage can help insurers take a leading role in opening up investment for new climate transition technology.