Weather disasters drive US $ 3.64 trillion in losses in 50 years: WMO data
The high costs of weather disasters around the globe is truly laid bare by the latest data from the World Meteorological Organization (WMO), which estimates that weather, climate and water related disasters drove some US$ 3.64 trillion in losses over the last 50 years. The WMO’s latest Atlas of Mortality and Economic Losses from Weather, Climate and Water Extremes covers the period from 1970 to 2019, during which over 2 million lives were lost to these disasters. That is from more than 11,000 reported disasters recorded, and during the period
ILS fund returns dented by European floods in July: ILS Advisers
The average return of the insurance-linked securities (ILS) fund market was dented by the European flooding in July 2021, with some funds focused on private ILS and collateralized reinsurance contracts suffering losses from the event. For the month of July 2021, the average ILS fund return was 0.20%, according to the Eurekahedge ILS Advisers Index. That was less than half the long-term average ILS fund for the month of July, which stands at 0.59%. In fact, this July was the worst performance ever for that month since the ILS Advisers
Hurricane Ida insured wind & storm surge losses seen at up to $25bn by AIR
AIR Worldwide has estimated that insurance and reinsurance industry losses to onshore property resulting from the wind and storm surge impacts of Hurricane Ida will be between $17 billion and $25 billion. This estimate from AIR compares to CoreLogic’s industry loss range of $14 billion to $21 billion, and Karen Clark & Company’s re/insured loss estimate of close to $18 billion. The catastrophe risk modeller’s insured loss estimate includes physical damage to property (residential, commercial, industrial and auto), both structures and their contents from winds, wind-borne debris, storm surge, and the