The spate of natural catastrophes last year—which caused more than $100 billion of insured damage—"has fundamentally impacted the reinsurance industry's perception of risk," says Karl-Heinz Jung, CEO of Allianz Re Asia Pacific.
The reinsurance industry was "taken by surprise by the large losses" stemming from Business Interruption (BI) and Contingent Business Interruption (CBI) exposures, he says.
BI and CBI losses accounted for at least half of insured catastrophe losses last year, in large measure because of the number of industrial supply chains that the disasters disrupted.
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