Raging Storms Pushed Disaster Damages Above $100 Billion in 2023 [BNN Bloomberg (Canada)]
SWISS RE LTD S/ADR (SSREY)
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Source: BNN Bloomberg
Swiss Re Institute — the research arm of the giant reinsurance firm — said in a report published Tuesday. The financial repercussions for policyholders will be painful if the trajectory continues as predicted. “Premiums have to move in line with this risk,” said Jerome Jean Haegeli, Swiss Re's chief economist and the lead author of the report. Insured losses from natural catastrophes have been on a slow and steady rise. Although last year saw a drop from 2022 and 2021, it was the fourth year in a row when they topped $100 billion. Only about 40% of economic losses globally are insured, meaning the total economic losses are much higher. Read More: After $70 Billion Hit, Insurers Wake Up to New Risk Pattern Historically, years with major hurricanes like Harvey (2017) or Katrina (2005) were spikes that drove global insured damages past the $100 billion mark. But recent years have seen a marked increase in smaller events — most commonly severe thunderstorms — that cause great dest
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