Insured losses from wildfire, storms and floods hit record high globally [Los Angeles Times (CA)]
MUENCHENER RE GP UNSP/ADR (MURGY)
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Source: Los Angeles Times
Insured losses for so-called nonpeak perils — also sometimes referred to as secondary perils — reached a record $98 billion last year, Munich Re said in a report released Tuesday. Overall insured losses from natural disasters, including peak perils such as hurricanes, were $108 billion, it said. Tobias Grimm, the German reinsurer's chief climatologist, said secondary perils are “becoming more severe and more frequent in many parts of the world.” And the evidence points to climate change playing “an increasing role in this development,” he said in an interview. The threat posed by these water, storm and fire secondary perils has steadily mounted in recent years, forcing insurers and investors in insurance-linked securities such as catastrophe bonds to rethink their approach to risk. Investors have also noted that it's more challenging to model such weather events than it is to model peak perils. Wildfires that engulfed Los Angeles in January last year were by far the costliest n
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