Claims for the past year events will force insurers to pay out an unprecedented $135 bln, after a series of storms, earthquakes and fires in the US and across the entire continent, as today’s report data says.
Munich Re insuring company from Germany estimated 2017 losses, uninsured as well, which made up $330 bln, falling short of the first position held by 2011, when Japan suffered from an earthquake and tsunami.
According to Munich Re, all the events can hardly be caused by the global climate change, but it certainly has an effect. The company said it anticipated increase in the number of cataclysms in the future.
The natural calamities also hit hard international insuring companies. Germany’s Munich Re and Hannover Re announced profit slump.It comes as a challenge for the industry that’s already in a survive mode due to low margins, hard rivalry and decreasing prices.
Munich Re just like some others made an estimate, which highlighted the gravity of the past year.At the end of 2017 Swiss Re released figures showing that internationally insured losses would get as high as $136 bln for the year, while the US became the country that had the biggest blow. However, this figure is the result of calculations that included man-made events and so differs in terms of the methodology from the data released by Munich Re.