1-in-100 year event estimated at $253 billion in insured losses
Saturday, 11 26 2016, Category: Insurance and Reinsurance, Country: World
New data and analysis from international catastrophe risk modeller, AIR Worldwide, reveals that a 1-in-100 year loss event is equivalent to an estimated $253 billion in global insured losses, an increase of roughly 8% on last year and, the trend is evident across all loss metrics.
AIR has been producing these reports since 2012, and its latest edition of its ‘Global Modeled Catastrophe Losses’ report, shows that the 1% aggregate exceedance probability insured loss (or the 100-year return period loss) has been on the rise since 2012. Starting at $205.9 billion four years ago, this figure has increased to the $252.9 billion reported by the catastrophe risk modeller in its latest report.
Furthermore, AIR reports that global, insured aggregate average annual losses (AAL) from catastrophes has also increased every year since 2012, rising from $59.3 billion in 2012, to $80 billion in 2016.