With hurricanes Harvey, Irma and Maria, and earthquakes in Mexico amongst others, this year has been unprecedented for natural catastrophes.
Claims from the hurricanes alone have made 2017 one of the worst years for natural catastrophes, with predictions exceeding $100 billion. As such, higher property insurance and reinsurance prices could be sufficient to wipe out most of the industry’s excess capital.
In turn, some insurers are set to miss their profit target this year, flagging hits to their earnings due to the damage caused by the hurricanes and earthquakes. With these figures, the third quarter of 2017 is likely to break a new record as one of the costliest quarters for natural catastrophes.
Read the full Chartered Insurance Institute’s The Journal article here, as Luke Holloway looks at the impact on the insurance market.