As extreme weather events show no sign of slowing down, predictive models will need to find a way to properly assess secondary perils. (Photo: Shutterstock)
The insurance industry has experienced an unprecedented number of natural catastrophes in recent years. And while these events have delivered a wake-up call to the industry, there is an affiliated risk that is just as concerning.
According to the latest sigma report from the Swiss Re Institute, secondary perils have been major drivers of devastation and financial loss in recent years. Insured losses from natural catastrophes in 2018 were $76 billion, according to the report, and more than 60% of the losses resulted from secondary perils.
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Denny Jacob
Denny Jacob is an associate editor for NU PropertyCasualty360. Contact him at [email protected].
