Natural anomaly caused losses to insurance companies by 112 billion
2022.12.30 07:22
Natural anomaly caused losses to insurance companies by 112 billion
Budrigannews.com – Reinsurance broker Guy Carpenter said on Friday that the impact of Hurricane Ian, which hit Florida earlier this year, is driving global insurance losses for natural disasters to $112 billion in 2022.
Guy Carpenter said in a statement that severe storms in the United States and Australia, as well as floods and hail in Europe, all contributed to the total.
Reinsurer Swiss Re (OTC:) estimates that this year’s insured losses from Hurricane Ian and other natural disasters totaled $115 billion, which is significantly more than the $81 billion average for the previous ten years. estimated this past month.
According to sources in the industry, losses resulting from Hurricane Ian and the war in Ukraine are expected to drive up reinsurance rates significantly on the crucial renewal date of January 1.
Transport guarantors have barred Ukraine, Russia and Belarus from war risk strategies as reinsurers downsize their openness.
According to sources in the industry, this year’s negotiations between insurers and reinsurers have been tense due to discussions regarding war exclusions and rates.
The renewal season this year was “one of the most difficult.” Guy Carpenter stated, “the sector has experienced,” adding that the procedure had been “extremely late.”
Guy Carpenter added that the effects of the most recent natural disasters in December are not included in the anticipated losses.
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