![]() ![]() For example, we are cultivating new high-resolution risk models for regional events such as flash flooding. Insurers also have to gear their risk management to this reality. “The impact of climate change is evident and has been proven many times over. And the likelihood of such an event has also increased significantly due to climate change, another study by the World Weather Attribution Initiative on the subject states. ![]() This was the world’s costliest flood disaster ever, and the costliest natural catastrophe in Europe to date. These caused losses of €46bn, only €11bn of which was insured. Just over a year ago, heavy rainfall in western Germany and some regions of neighbouring countries triggered extreme flash floods.What is more, according to an analysis led by the Potsdam Institute for Climate Impact Research, since 1980 the trend in heatwaves across Europe has accelerated three to four times faster than in the US or Canada, for instance. A current study by the World Weather Attribution Initiative on the record temperatures in the UK came to the conclusion that climate change had increased the likelihood of such an event tenfold. In the generally cooler United Kingdom, temperatures soared to over 40☌ for the first time ever. Large wildfires raged in France, Spain and Portugal. Central and south-west Europe saw strong heatwaves with extreme droughts between June and August.Here are some examples for which the scientific community considers the contribution of climate change proven: Weather-related natural catastrophes such as heatwaves, droughts, wildfires or floods in many parts of the world have recently made it apparent that climate change is humankind’s greatest challenge in the long term. The strongest growth is likely to be in Latin America, at 4–5%. Munich Re’s Economic Research Department estimates that the reinsurance sector will grow by 2–3% worldwide from 2022 to 2024, when adjusted for inflation. Yet at the same time, demand is on the rise the bottom line being that the global property-casualty reinsurance market will grow at least as strongly as the primary insurance market until 2024. The volume of capital invested remained roughly unchanged at around US$ 100bn. And even the market for alternative risk transfer has not grown. A number of reinsurers have reduced capacity in certain areas or have withdrawn entirely. In some reinsurance segments, capacity shortages are emerging in the short term, for example for natural catastrophe covers in Florida. US-dollar liabilities thus increase appreciably when converted to Euros, also impacting capacity. But unlike then, the decline anticipated this time is substantial: By over 8% to US$ 435bn, according to data released by AM Best and Guy Carpenter.Įuropean reinsurers have been hit particularly hard because all these economic challenges are further topped by the sharp rise in the US dollar against the Euro. For the first time since 2018, lower reinsurance capital is projected for the current year – an important indicator for available reinsurance capacity. The Princeton Excess and Surplus Lines Insurance Company (PESLIC)Įxtreme inflation, rising interest rates and asset slumps currently pose challenges for the entire insurance industry alongside burdens from the war in Ukraine. Munich Holdings of Australasia Pty Limited (MHA) Munich Reinsurance Company of Australasia Munich Reinsurance Company of Africa Limited (MRoA) Munich Re US - Munich Reinsurance America, Inc Munich Re Underwriting Agents (DIFC) Ltd. Munich Re Life US - Munich American Reassurance Company, Inc Munich Re Asia Pacific Life and Health (APAC) HSB - The Hartford Steam Boiler Inspection and Insurance Company Get to know our Group companies, branches and subsidiaries worldwide.Īmerican Alternative Insurance Corporation (AAIC) ![]()
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