Historical EU windstorm losses could be unprecedented
Saturday, 10 24 2015, Category: Insurance and Reinsurance, Country: Europe
Leading reinsurer Swiss Re has brought to light the potential for unprecedented insurance industry losses from three historical European windstorms if they occurred today, underlining that the costs to the insurance and reinsurance industry would be extremely significant.
European windstorms have the scope to be far-reaching, long-lasting and extremely damaging to economies, societies and the risk transfer markets that seek to protect against the peril.
And while many parts of Europe are considered developed regions of the world, especially when compared to parts of Asia, Latin America and India, for example, insurance penetration levels could still be greater across many parts of Europe, somewhat highlighted by the potential insured losses provided by Swiss Re in its latest report, ‘Winter storms in Europe: messages from forgotten catastrophes.’