Source: Financial Times [UK]
“The global insurance sector should expect $151bn in annual losses from natural catastrophes and a lot more in bad years, according to a new forecast that highlights the challenges of climate change and urban expansion. The industry is struggling to cope with a surge in property claims from natural disasters that has pushed up the cost of cover and made insurers pull back from some at-risk areas. Verisk, one of the big risk modelling firms whose models are used across the insurance and reinsurance sector, said on Tuesday that its average expected loss for the sector was at a new high.” (09/03/24)