Swiss Re’s latest Sigma report highlights the dangers of so-called secondary losses—which can still pack a nasty punch. Intelligent Insurer investigates.
“By leveraging the latest technology, insurers can focus more on developing appropriately regionalised models to assess the risk posed by secondary perils.”
Swiss Re’s latest Sigma report points out that the catastrophe experience of 2018 reaffirms that the loss impact of secondary peril events is anything but “secondary”.
According to Swiss Re, total economic losses from natural catastrophes and man-made disasters in 2018 were $165 billion. Insurance covered $85 billion of those losses which, the reinsurer says, made up the fourth highest one-year aggregate industry payout ever, and above the previous 10-year annual average of $71 billion.
Swiss Re, Sigma, Catastrophe, Report, North America