Secondary perils dominate recent nat cat losses

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underline04"> <h2 style="font-weight: 500;line-height: normal;font-size: 3rem;"> Secondary perils dominate recent nat cat losses </h2> </div> <div class="post-meta-elements" style="margin: 10px 0 10px 0; width: 100%; background-color: #f7f7f7; padding: 5px 10px; color: #101010;"> <author class="post-meta-author author"> <i class="fa fa-user"></i>By staff reporter</author> <time pubdate datetime="2024-11-20" class="post-meta-date"> <i class="fa fa-calendar"></i>2024-11-20</time> </div> <div class="entry-main"> <div class="entry-content"> <p>Secondary perils such as floods, fires and severe convective storms now make up a larger portion of catastrophe losses in recent years than the insurance industry's peak perils of tropical cyclones and earthquakes.<br /> <br /> This is amongst the findings of a report published today by S&P, which looks at the way evolving natural catastrophe risks due to climate change are forcing insurers to reevaluate their relationships with each other.<br /> <br /> These secondary perils played a large role in the global reinsurance industry failing to earn its cost of capital for five of the six years between 2017 and 2022, the report notes. The knock-on effect of this new reality has insurers paying more for cover to the reinsurance industry and retaining more risk on their own books. <br /> <br /> The S&P Global Market Intelligence report,<i> Evolving Natural Catastrophe Ris</i>k, also points to the way in which the increasing frequency and severity of mid-sized events and hurricanes hitting previously unaffected areas has led to an overhaul of the industry's approach to those payouts. <br /> <br /> “The insurance industry has often acted as an early warning system for individuals and industries looking to understand and mitigate future risk,” said Raymond Barrett, lead author of the report at S&P Global Market Intelligence. “With climate change expected to increase the severity and frequency of natural catastrophes, understanding this altered risk environment is paramount. Insurers have been beating the drum on a variety of climate change risks for many years so their current focus on extreme weather should be a cross-industry concern.”</p>  <br> <hr> <div class="sharewrap"> <div class="sharestorytext">Share Story:</div> <div class="jsiconwrap"> <a href="https://x.com/intent/tweet?text=Secondary perils dominate recent nat cat losses&url=https://www.cirmagazine.com/cir/c2024112003.php"> <i class="fa-brands fa-square-x-twitter" style="color:black;"></i> </a> </div> <div class="jsiconwrap"> <a href="http://www.linkedin.com/shareArticle?url=https://www.cirmagazine.com/cir/c2024112003.php"> <i class="fa-brands fa-linkedin" style="color:#3371b7;"></i> </a> </div> </div> </div> </div> </article>  <div class="comment-title title-style01"> <h3>YOU MIGHT ALSO LIKE</h3> </div>  <div class="article"> <div class="entry-block-small"> <div class="entry-image"><a class="img-link" href="/cir/c2024112003.php?utm_source=jsrecent"><img class="img-responsive img-full" src="/cir/images/Hurricane evacuation route sign.jpg"></a></div> <div class="content"> <h3><a href="/cir/c2024112003.php?utm_source=jsrecent">Secondary perils dominate recent nat cat losses</a></h3> <div> <a href="/cir/c2024112003.php?utm_source=jsrecent"><span class="read-more">READ STORY</span></a> </div> </div> </div> <div class="entry-block-small"> <div class="entry-image"><a class="img-link" href="/cir/c2024111803.php?utm_source=jsrecent"><img class="img-responsive img-full" src="/cir/images/office-meeting.jpg"></a></div> <div class="content"> <h3><a href="/cir/c2024111803.php?utm_source=jsrecent">Global risk and cyber security consulting market ‘to pass £80bn in revenues’ for first time</a></h3> <div> <a href="/cir/c2024111803.php?utm_source=jsrecent"><span class="read-more">READ STORY</span></a> </div> </div> </div> <div class="entry-block-small"> <div class="entry-image"><a class="img-link" href="/cir/c2024111301.php?utm_source=jsrecent"><img class="img-responsive img-full" src="/cir/images/fca.JPG"></a></div> <div class="content"> <h3><a href="/cir/c2024111301.php?utm_source=jsrecent">New rules aim to strengthen financial sector resilience</a></h3> <div> <a href="/cir/c2024111301.php?utm_source=jsrecent"><span class="read-more">READ STORY</span></a> </div> </div> </div> </div>   <div class="row no-gutter"> <div class="col-md-12"> <div style="float:left;width:100%;"> <div id="adbannerwrapjs"><a href="https://www.cirmagazine.com/cir/link.php?url= https://www.cirmagazine.com/riskmanagementawards/booking_form.php" target="_blank"><img src="https://www.cirmagazine.com/cir/../../cir/images/728x90-RMA2024_BookYourTable.gif" border="0""></a></div> </div> </div> </div> <br>  </div>   <div class="col-md-3"> <div class="sidebar-add-place"><a href="/cir/symbiant-grc-software" class="link-06c"></a><p class="rightsmall"><div style="padding-top:0px;"><a href="https://www.symbiant.co.uk" target="_blank"><img src="/cir/images/Symbiant-MPU-Banner-Final.gif" border="0" alt="BANNER" title="BANNER"></a></div></p></div> <div class="sidebar-add-place"><a href="/cir/dig-ed-see-latest" class="link-06c"></a><p class="rightsmall"><a href="https://www.cirmagazine.com/cir/cir-digital-editions.php"><img src="https://www.cirmagazine.com/cir/images/digitalEditonBanner-300.jpg" width="300" height="250" border="0"></a></p></div> <div class="jswrap4"><div class="jstitle4">Investec is disrupting premium finance – Podcast</div><div class="jswrap5"><img src="/cir/images/Investec-podcast-no-graphic_.jpg"><audio controls><source src="/cir/podcast/investec-Movo-cirpodcast.mp3" type="audio/ogg"><source src="/cir/podcast/investec-Movo-cirpodcast.mp3" type="audio/mpeg">Your browser does not support the audio element.</audio></div><div class="jswrap6"><div class="jstext4">Investec made waves in entering the premium finance market, where listening and evolving in response to brokers made a real difference.</div></div></div> <br> <div class="jswrap4"><div class="jstitle4">Communicating in a crisis</div><div class="jswrap5"><img src="/cir/images/BlackBerryGtManchPolice_podcast6.jpg"><audio controls><source src="/cir/podcast/BBerry_GMP_2.mp3" type="audio/ogg"><source src="/cir/podcast/BBerry_GMP_2.mp3" type="audio/mpeg">Your browser does not support the audio element.</audio></div><div class="jswrap6"><div class="jstext4">Deborah Ritchie speaks to Chief Inspector Tracy Mortimer of the Specialist Operations Planning Unit in Greater Manchester Police's Civil Contingencies and Resilience Unit; Inspector Darren Spurgeon, AtHoc lead at Greater Manchester Police; and Chris Ullah, Solutions Expert at BlackBerry AtHoc, and himself a former Police Superintendent. 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Secondary perils dominate recent nat cat losses - CIR Magazine