Secondary perils, such as wildfires and severe storms, have been accounting for more losses. Verisk reports that severe thunderstorms, for example, have been increasingly contributing to global average losses during the past five years. Thunderstorms are now the largest contributing peril to global modeled average annual losses. (Credit: Peggy Fagerstrom/AP)
On an average annual basis, insured losses stemming from extreme weather events are expected to reach around $123 billion globally, according to Verisk's 2022 Global Modeled Catastrophe Losses report. During the past 10 years, the annual average in actual losses was $74 billion.
The biggest drivers of the growth in catastrophe losses during recent years have been an increase in exposure values and replacement costs, according to Bill Churney, president of Verisk Extreme Event Solutions.
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Steve Hallo
Steve Hallo is managing editor of PropertyCasualty360.com. He can be reached at [email protected]
