Weather, Climate & Catastrophe Insight, 2018 Annual Report
Report from Aon Benfield UCL Hazard Research Centre
This report evaluates the impact of the disasters and extreme weather events that occurred worldwide during 2018 and provides an overview of global economic losses.
The report reveals that there were 394 natural hazard events in 2018 that generated economic losses of USD 225 billion – of which USD 215 billion was attributed to weather-related events. 2017 and 2018 were named the costliest back-to-back years for weather disasters on record.
Special report no 25/2018: Floods Directive: progress in assessing risks, while planning and implementation need to improve
Floods can cause injury and loss of life, considerable economic costs, and damage to the environment and cultural heritage. Serious floods have become more frequent in Europe. In recent years, more than twice as many flash floods of medium to large magnitude have been registered as in the late eighties. Climate change is an aggravating factor, triggering changes in precipitation and weather patterns, sea level rises and, consequently, more frequent and severe floods.
12th meeting of the World Forum of Catastrophe Programmes in Madrid
From 25 to 28 September 2018, the Consorcio de Compensación de Seguros (CCS) staged the 12th meeting of the World Forum of Catastrophe Programmes (WFCP) in Madrid.
Between State and Market: Protection Gap Entities and Catastrophic Risk
The challenges posed by the growing catastrophe insurance protection gap, particularly those of rebuilding in the aftermath of disaster, have prompted the generation of entities, which we label Protection Gap Entities (PGEs). These PGEs bring together market and non-market stakeholders in an effort to address the protection gap. They differ considerably in governance, political economies, points of origin, perils, and means of funding loss. Yet PGEs have the same broad goal:
To transform uninsured risk into insurance-based products that can be transferred into global financial markets to provide capital for recovery following a disaster.
Guide To Government Pools
Reinsurance pools seek to provide insurance where there is none or where it is not readily available, but the demand for them is not as great as it should be. To introduce this special report, Jonathan Gale, chief executive, Bermuda Reinsurance and managing director at AXA XL, writes that the industry needs to develop a broader approach to how the risk is assumed and accounted.
Climate insurance and water-related disaster risk management - Unlikely partners in promoting development?
There is a growing consensus that insurance, risk transfer, and sharing mechanisms have an important and growing role to play, particularly in offsetting the economic impacts associated with extreme events. What is less clear is the extent to which such instruments encourage adaptation programmes and policies that would serve to minimise future loss and damage and, hence, contribute to sustainable development. This paper does not pretend to offer answers, but rather contributes to the emerging discussion and brings to that discussion a water lens.
Insurance of weather and climate-related disaster risk: Inventory and analysis of mechanisms to support damage prevention in EU
Ramboll and the Institute for Environmental Studies (IVM) were contracted by the European Commission (EC) to conduct a study on the insurance of weather and climate-related disaster risk, and to create an inventory and analysis of mechanisms to support damage prevention in the European Union (EU). The study provides an overview of the use of insurance against natural disasters. It suggests general recommendations as well as specific recommendations on the role of the European Commission in addressing the issues uncovered, and encourages stakeholder’s efforts and best practices observed across the EU.