It's not just the traditionally costly hurricanes and earthquakes contributing to inflated weather losses. According to Verisk, events like flooding, severe thunderstorms and wildfire now account for the greatest portion of overall losses, Photo: cherylvb/Adobe Stock
From 2018 to 2022, actual insured losses from natural catastrophes topped $100 billion per year – a significant increase from the $70 billion annual average for the previous five years (2013 to 2017). While this is already a staggering figure, the 2023 Global Modeled Catastrophe Losses Report from Verisk advises the insurance industry to prepare for the possibility that some years may see much greater losses yet; with their calculations stating there is a 5% probability of experiencing global losses over $238 billion each year.
It's not just traditionally costly hurricanes and earthquakes contributing to these inflated losses, either. According to Verisk, events like flooding, severe weather and wildfire now account for the greatest portion of overall losses, which the report largely attributes to a combination of more frequent events of this nature and more expensive properties being at risk of these disasters.
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Brittney Meredith-Miller
Brittney Meredith-Miller is assistant editor of PropertyCasualty360.com. She can be reached at [email protected].
