Economic threats continue to "overshadow" cyber and climate risks among global executives, a new survey by the World Economic Forum has found, although extreme weather entered the top five risks among G20 countries this year.
Losses
Estimated insured losses from natural catastrophes are on track to exceed $135bn in 2024, the fifth consecutive year insured losses have passed the $100bn mark, according to Swiss Re Institute.
ILS investment manager Twelve Capital projects insurance industry losses from the 2024 Atlantic hurricane season to range between $30bn and $50bn, which had "minimal" impact on the cat bond market, according to its seasonal review.
This year's tropical cyclone season was marked by "exceptionally severe" storms, with losses significantly above the 10-year average, analysis by Munich Re has found.
The National Flood Insurance Program (NFIP) has already paid out over $1.4bn in losses stemming from Hurricane Helene as it works to process the more than 56,000 claims that have been filed since the storm made landfall in late September.
The CrowdStrike outage in July will prompt insurers to review cyber policy wordings and coverage for systemic or supply chain incidents at upcoming renewals, according DAC Beachcroft.
Tomorrow marks the official conclusion of the 2024 Atlantic hurricane season, which ultimately delivered on expectations that it would be “hyperactive”, with a few surprises along the way.
Supply chain risks and exposures in the cyber line of business demand greater attention going forward, according to industry leaders, with the CrowdStrike outage in July acting as a “warning shot” for insurers and the wider real economy alike.
Storm Bert, which hit the UK and Ireland over the weekend, has triggered a 60 percent surge in insurance claims, although its impact is more localised than previous storms, according to claims management provider Sedgwick.
While recent floods in Spain's Valencia and Malaga regions have caused damage totalling several billion euros, insurers have been shielded by the country's state-backed disaster backstop, highlighting the role such initiatives can play in the event of major losses.
Chubb leads the DHL aviation cargo insurance program that is likely to be triggered after a SwiftAir-operated Boeing plane crashed this morning near Vilnius International Airport in Lithuania, The Insurer understands.
Property Claim Services (PCS) has issued an updated estimate of $14.7bn for insured losses from Hurricane Milton, almost three times its initial estimate of $5bn, The Insurer understands.
Economic losses from the territories impacted by Typhoon Man-yi between 16 and 17 November may reach the tens of millions of dollars, according to Aon.
Personal lines giant Allstate has estimated pre-tax catastrophe losses for October of $286mn, including $102mn from Hurricane Milton and unfavourable reserve reestimates of $144mn related to Hurricane Helene.
Pharma class actions, mounting PFAS litigation and the growth of collective redress outside the US are creating a challenging market for liability insurers, which are already grappling with “spiralling” claims costs as nuclear verdicts increase in number and size, according to Allianz Commercial.
