Focus download the new1/30/2024 ![]() ![]() During 2021, the ‘Texas Big Freeze’ in the US and flooding in Germany stand out as events that were both large but had unexpected claims. Insurers are also seeing new and more unusual loss scenarios. ![]() Collectively, the top five causes of loss – hurricanes/tornados (29%) storm (19%) flood (14%) frost/ice/snow (9%) and earthquake/ tsunami (6%) account for 77% of the value of all nat cat claims. Losses continue to rise with climate change and changes to exposures (such as increasing economic activity in natural catastrophe zones).Īnalysis of more than 20,000 claims around the world, with an approximate value of €13.7bn, shows that hurricanes/ tornados are the most expensive cause of natural catastrophe loss, accounting for 29% of the value of all claims, driven by the fact that two Atlantic hurricane seasons out of the previous five (20) now rank among the top three most active and costliest seasons on record. Natural catastrophes (15%) ranks as the second top cause of losses globally by value of claims. Costs associated with the impact of business interruption following the aftermath of a fire can significantly add to the final loss total of an incident, given the time it can take to get production back up and running at a large manufacturing plant, while soaring inflation will only challenge claims costs further. Claims are becoming more severe due to factors such as higher property and asset values, more complex supply chains and the growth in concentrations of exposures. Even the average claim from such an incident totals almost €1.5mn. Despite improvements in risk management and fire prevention over the years, fire/explosion (excluding wildfires) is the largest single identified cause of corporate insurance losses, accounting for 21% of the value of all claims.ĭuring the past five years such incidents have caused in excess of €18bn worth of insurance losses from over 12,000 claims and are responsible for 13 of the 20 largest non-natural catastrophe loss events analyzed. ![]() The analysis shows that almost 75% of financial losses arise from the top 10 causes of loss, while the top three causes account for close to half (45%) of the value. ![]()
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