Reinsurers must keep pace with climate-accelerated risk changes: LM Re

In the last weeks and months, the world has witnessed several tragic losses caused by natural disasters. Major floods have occurred in the US, across Southern Europe and Southeast Asia as well as in Brazil and most recently, Libya, while earthquakes have rocked Turkey and Morocco and wildfires have swept through Greece and Canada.

Storms of increased severity alone are causing billions of dollars in property losses every year. In early September, it was reported that the global modelled insured average annual loss from natural catastrophes exceeds $130 billion, a new high for the insurance industry.