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The global modeled insured average annual loss from catastrophes worldwide is now around $92 billion, up 55% since 2012, according to a report issued Monday by AIR Worldwide Corp.
At nearly $288 billion, the 100-year return period loss, or the 1% aggregate exceedance probability insured loss, is also more than double the record losses seen in 2017 from Hurricanes Harvey, Irma, Maria and other natural catastrophes, the Boston-based catastrophe modeling firm said in the report.
The increases reflect both rising numbers and values of insured properties in areas of high hazard and includes regions and perils where new models are now available, AIR said in the report.
“There is still much of 2019 left, leaving open the possibility that a natural catastrophe could cause significant insured losses,” AIR said in the report.
In 2018, the top three insured losses globally were caused by events that occurred after Sept. 1, including the Camp Fire in California, Hurricane Michael and Typhoon Jebi, AIR said.
Companies operating on a world stage need to understand their risk across global exposures to ensure they have enough capital to survive years of very high loss, the report said.
“The ability to take a comprehensive global view can give insurers and reinsurers greater confidence that the risk they’ve assumed is risk they can afford to take,” Rob Newbold, executive vice president at AIR Worldwide, said in a statement.
Preparing for large losses before they occur is critical to continued solvency and resilience, the report said.
The 2018 hurricane season featured an above-average number of storms, with hurricanes Florence and Michael setting records along the way, according to a Thursday briefing by AIR Worldwide.