The world is riskier for two major reasons:
- Natural disasters are trending up.
- Emerging risks add to the previous portfolio of risk.
There is empirical evidence that windstorms in particular are at or near record levels.
It started six years ago with Hurricane Katrina and continued this spring with a large volume of tornadoes in the U.S. and the tsunami in Japan. Fortunately for the global insurance market, only a relatively small portion of the tsunami was reinsured.
The use of the Internet and general increase in technology has increased risk; the cyber risks we see today were virtually nonexistent 10 years ago.
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