The magnitude 7.8 earthquake that struck southern and central Turkey and northern and western Syria on Feb. 6, 2023 was the year's most costly catastrophe to date, according to Swiss Re. (Credit: Abdulkadir/Adobe Stock)
Natural catastrophes are on track to break loss records in 2023, Swiss Re reported this week.
"The cumulative effect of frequent, low-loss events, along with increasing property values and repair costs, has a big impact on an insurer's profitability over a longer period," Jérôme Jean Haegeli, Swiss Re's group chief economist, said in a press release about the carrier's new report. "The high frequency of severe thunderstorms in 2023 has been an earnings' test for the primary insurance industry."
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