The Cost of Catastrophes

2017 is unfortunately proving to be a busy year for natural catastrophes. We’ve therefore rounded up some of the more significant stories currently being reported.

With recent rising temperatures hitting the headlines affecting large parts of Europe, wild fires pose a great threat to both businesses and homes. Thousands of residents were forced to flee their homes in a small town located just outside of Yosemite National park in California, with the local governor declaring a state of emergency. Read the full story here.

Extreme weather conditions had a similar devastating impact in Australia, following Cyclone Debbie which hit in March this year. The natural disaster saw the highest industry loss to date, at an eye-watering $27 billion. Read the full story here.

The USA has also experienced the highest number of catastrophes recorded since 1980. Artemis, the alternative risk transfer, catastrophe bond & insurance linked security news and analysis service, has provided their own round-up of the year.

These disasters in the US reiterate the need for property and business owners to be aware of their insurance cover and these events allow for a specific niche in the market to emerge. The National Flood Insurance program’s re-authorisation in Florida could potentially act as a catalyst for the expansion of the private flood insurance market. Daniel Alpay, Hiscox’s Flood Line Underwriter, has been sharing his thoughts here.

Finally, for a global round-up, AON has once again updated their global catastrophe recap covering the first half of 2017.