Secondary catastrophic perils on the rise from climate change, says Swiss Re

Secondary catastrophic perils - tornado destruction

Global economic losses from disasters (natural and human-caused) last year reached $146 billion. Secondary catastrophic perils are rising in a measurable way as a result of climate change, said a recent Swiss Re Institute sigma. The sigma was titled “Natural catastrophes in times of economic accumulation and climate change”. Severe weather events were the primary driver of losses overall last year, as was the case in years prior. Last year, worldwide economic losses from disasters broke the $146 billion mark. This represented a fall from 2018’s $176 billion. The ten-year…

Read More

Cyber insurance market growth is fast and healthy, says Swiss Re

cyber insurance market

As worries over the impact of a hack, data breach or other similar risks, firms are insuring themselves. Swiss Re released a statement describing considerable growth trends in the cyber insurance market. The reinsurance firm pointed out that businesses are starting to see the importance of coverage in an environment where risks are skyrocketing. The Zurich-based giant it pointed out that the cyber risks are rapidly rising in their complexity and frequency. The Swiss Re Sigma report titled “Cyber: Getting to grips with a complex risk,” provided considerable insight on…

Read More

National Flood Insurance Program continues to struggle from financial losses

flood insurance rates

10 years after Hurricane Katrina, federal program is still financially crippled More than 10 years have passed since Hurricane Katrina hit the United States, and many homeowners are still reeling from the damage caused by the catastrophe. Homeowners faced one of the most expensive disasters in the history of the country and its insurance industry, with some $80 billion in losses, with another $16.1 billion in flood insurance claims. The hurricane, as well as other storms that hit the country between 2008 and 2012, caused serious problems to the National…

Read More

New health insurance in Hong Kong could reduce financial healthcare burden

Hong Kong health Insurance News

The policy is geared toward people up to the age of 75 and may reduce the expense shouldered by the government. The health insurance industry in Hong Kong is getting ready to launch a new form of coverage that is designed to cater to people in their 60s and early 70s, which could help to significantly ease the financial burden that has been weighing on government healthcare services. Recent predictions have shown that the cost of government health services could rise by over $36 billion (HK$285 billion) by 2041. This…

Read More

Insurance technology is changing the game, says Swiss Re

Insurance Technology investments

The company released its latest sigma study, which has shown that tech has brought considerable change. A new sigma study released by Swiss Re has shown that insurance technology is considerably altering the way that insurers and customers interact, as each of those parties has been presented with considerable information and tools that had never before been available to either of them. Insurance companies are particularly benefiting with the amount that they can learn about their customers. What the conclusion of the study suggested was that insurers use the insurance…

Read More

Insurance industry sees a decline in insured losses in 2013

insurance industry

Swiss Re report shows that insured losses in 2013 were lower than what they were in 2012 Swiss Re, a leading reinsurance firm, has announced that the global insurance industry has seen losses from natural disasters and man-made catastrophes fall by 44% in 2013. A calm hurricane season help insurers avoid significant losses, but powerful storms in Europe had a significant impact on the insurance industry. Despite this impact, however, insured losses industry-wide were less than what had been seen in 2012. As such, the insurance industry is expected to…

Read More

Life insurance assets from Swiss Re in U.S. may soon be for sale

life insurance news

The company has announced that it is considering a retreat from the market in the United States. Sources familiar with Swiss Re Ltd. have revealed that it is thinking about putting its Aurora National Life Assurance Co. up for sale as it is drawing back from the American health and life insurance marketplace. This second largest reinsurer in the world is now taking efforts to seek out buyers for the assets. Swiss Re is working alongside Barclays PLC in order to be able to locate buyers for Aurora National as…

Read More