Economic Losses from Louisiana Floods Over $10B; Insured Losses Much Lower

Catastrophes in the month of August took a serious economic toll, with total damages from the “historic” Louisiana floods expected to top $10 billion and an earthquake in Italy leaving 266 people dead, according to Aon Benfield’s latest global catastrophe report.

“A slow-moving area of low pressure brought multiple days of extreme rainfall across parts of the Gulf Coast and Midwest in the United States, causing catastrophic flood damage in several communities,” stated Aon Benfield in its report.

Read more at http://www.advisenltd.com/2016/09/14/economic-losses-from-louisiana-floods-over-10b-insured-losses-much-lower/

Erin Ayers, Economic losses from Louisiana floods over $10B; insured losses much lower (September 14, 2016), available with subscription at Advisen Professional Front Page News.

Canada’s Fort McMurray Wildfire Could Be Costliest Ever

Ongoing wildfires around Fort McMurray, in Alberta, Canada have now charred an area roughly the size of Rhode Island and could become the costliest wildfire ever to insurers.

According to catastrophe modeling firm AIR Worldwide, insured losses from the wildfire will fall between $3.4 billion and $6.9 billion (C$9 billion).

Read more at http://www.advisenltd.com/2016/05/23/canadas-fort-mcmurray-wildfire-could-be-costliest-ever/

Chad Hemenway, Canada’s Fort McMurray wildfire could be costliest ever (May 23, 2016), available with subscription at Advisen Professional Front Page News.

Catastrophes Cost Insurers $37 Billion in 2015: Swiss Re

Insured losses covered only 40 percent of the world’s total economic losses from all disasters, including natural and man-made events, according to Swiss Re’s sigma study released Wednesday.

Global insured losses totaled $37 billion in 2015, well below the previous 10-year average of $62 billion.

Read more at http://www.advisenltd.com/2016/04/04/catastrophes-cost-insurers-37-billion-in-2015-swiss-re/

Josh Bradford, Catastrophes cost insurers $37 billion in 2015: Swiss Re (April 4, 2016), available with subscription at Advisen Professional Front Page News.