insurance – Desdemona Despair

A drone view shows flood waters surrounding homes in the aftermath of Hurricane Beryl in Surfside Beach, Texas, U.S., 8 July 2024. Photo: Adrees Latif / REUTERS

July 14, 2024

Texas insurance crisis gets bad news – “With insurers withdrawing from climate-risk-prone markets or not renewing policies, securing essential coverage is becoming increasingly challenging”

By Suzanne Blake 10 July 2024 (Newsweek) – Texans have been facing a home insurance crisis that is only likely to escalate in the days after Hurricane Beryl, experts told Newsweek. Hurricane Beryl first entered Texas in Matagorda on Monday morning as a Category 1 hurricane after moving throughout the Caribbean. The hurricane persisted throughout Texas with strong winds and rain, […]

Flames consume a home on Bessie Lane as the Thompson Fire burns in Oroville, California, Tuesday, 2 July 2024. An extended heat wave blanketing Northern California resulted in red flag fire warnings and power shutoffs. Photo: Noah Berger / AP Photo

July 5, 2024

Insurance crisis that started in Florida and California is spreading – “Insurance companies are responding to the fact that we’re seeing more frequent and more severe climate events, and the fact that they’re paying out more than they’re bringing in”

By Scott Cohn 2 July 2024 (CNBC) – An insurance crisis that has sent premiums skyrocketing and caused carriers to flee coastal states like Florida and California is spreading, and it is fundamentally changing the real estate market in states across the country. “Not only is the cost higher than people anticipated, but just the inability to […]

Map of the U.S. showing 11 weather and climate disasters each costing $1 billion or more that occurred between January and May, 2024. Graphic: NOAA / NCEI

July 5, 2024

Billion-dollar disasters swept across the U.S. in Spring 2024

By Meredith Garofalo 13 June 2024 (Space.com) – Two severe weather events in May brought the number of billion-dollar disasters for the United States in 2024 up to nearly a dozen. The month began with a tornado outbreak from May 6 to May 10 that stretched across 23 states, going from South Dakota to Florida. […]

Map showing natural catastrophe loss event worldwide in 2021. In 2021, natural disasters caused overall losses of $280 billion, of which roughly $120 billion were insured. Alongside 2005 and 2011, the year 2021 proved to be the second-costliest ever for the insurance sector (record year 2017: $146 billion, inflation-adjusted) – overall losses from natural disasters were the fourth-highest to date (record year 2011: $355 billion). Graphic: Munich Re

January 13, 2022

For the insurance industry, 2021 was the second-highest loss year on record, after 2017 – “The 2021 disaster statistics are striking because some of the extreme weather events are of the kind that are likely to become more frequent or more severe as a result of climate change”

10 January 2022 (Munich Re) – Worldwide, natural disasters caused substantially higher losses in 2021 than in the two previous years. Based on provisional data, storms, floods, wildfires, and earthquakes destroyed assets worth US$ 280bn. Losses in the previous year amounted to US$ 210bn, while in 2019 they were US$ 166bn. Roughly US$ 120bn of […]

Results from the WEF Global Risks Perception Survey 2020. The Global Risks Network chart shows how respondents rank the most concerning risks globally and their drivers. Data: World Economic Forum Global Risks Perception Survey 2020 / The Global Risks Report 2021. Graphic: WEF

February 28, 2021

WEF Global Risks Report 2021: Risk landscape dominated by pandemic and climate change – “Ignoring risks doesn’t make them go away”

By Colleen Zitt 3 February 2021 (Zurich) – As Chief Risk Officer for Zurich North America, I eagerly await the annual release of the World Economic Forum’s (WEF) Global Risks Report. This year’s 2021 edition is no exception. Its thoughtful, laser-sharp analysis of short- and long-term global risks — dominated by the COVID-19 pandemic and climate change — […]

Worldwide natural catastrophe loss events in 2019. Tropical cyclones, extreme storms, and floods caused overall losses of $150 billion. Video: Munich RE

January 11, 2020

Tropical cyclones causing billions in losses dominated the natural catastrophe picture of 2019 – “Cyclones are becoming more frequently associated with extreme precipitation”

8 January 2020 (Munich RE) – 820 natural catastrophes caused overall losses of US$ 150bn, which is broadly in line with the inflation-adjusted average of the past 30 years. A smaller portion of losses was insured compared with 2018: about US$ 52bn. This was due, among other things, to the high share of flood losses, which are […]