- Lloyd's Brussels office officially opens for business ready for Brexit
- World Economic Forum's Regional Risks for Doing Business report indicates significant differences in risk perceptions across the eight regions covered-cyber attacks heads most developed regions
- IAIS concludes 25th annual Conference-“We are now beginning a pivot to a greater focus on emerging and accelerating trends impacting both our developed and emerging market Members, including FinTech, cyber risks, climate risk and sustainable development challenges" says Secretary General.
- Pool Re publishes its annual Terrorism Threat & Mitigation Report focusing on the key terrorist events and developments in 2018
- Marsh-JLT Specialty formed
- Allen to chair LMA Finance Committee
- Oman joins IAIS Multilateral Memorandum of Understanding (MMoU) expired
- InsurTech Iotatech raises £1m in second round of funding expired
- Startupbootcamp InsurTech appoints Manjit Rana as managing director for Corporate Innovation in Insurance expired
- RSA to restructure its specialty and wholesale business on a more focussed basis expired
- Sedgwick acquires Irish loss adjuster expired
- AXIS Capital estimates Hurricane MIchael losses at $100-120m expired
19th August 2018
Swiss Re sigma reports provisional global economic and insured losses for first half
According to Swiss Re Institute's preliminary sigma estimates, global economic losses from natural catastrophes and man-made disasters in the first half of 2018 were $36bn. This figure is well below the ten-year average of $125bn in economic losses and significantly lower than the losses reported for the same period a year earlier. Of the total global economic losses in the first half of 2018, $20bn were covered by insurance. A series of winter storms in Europe and in the US caused the largest losses in the first half of 2018. Globally, around 3 900 people lost their lives or went missing in disaster events during the first six months of 2018, compared to approximately 4 600 for the same period in 2017.
Of the $36bn in total global economic losses, natural catastrophes accounted for the majority, or $$34bn in the first half of 2018, compared to $58bn in H1 2017. The remaining $2bn of losses were caused by man-made disasters. Global insured losses from natural catastrophes fell to $18bn, from $25bn the year before, while insured losses from man-made disasters decreased to $2bn from $5bn in the first half of 2017. Nearly 56% of all global economic losses were insured as most disastrous events occurred in areas with high insurance penetration.
Swiss Re Trends(678 articles)