Aspen Claims Service

Average Insured Losses From Global Catastrophes Reach $92 Billion

 Monday, September 9, 2019

 Insurance Business

Catastrophe modeling firm AIR Worldwide, a business of Verisk Insurance, has released its 2019 Global Modeled Catastrophe Losses report.

The report, which outlined key loss metrics from the firm’s global industry exceedance probability (EP) curve, estimated that the global modeled insurance average annual loss from catastrophes worldwide was around $92 billion.

Meanwhile, the 1% aggregate exceedance probability insured loss was almost $288 billion — more than double the record losses seen in 2018 from several hurricanes and other natural disasters.

“With four months left in 2019, there’s still the possibility of experiencing significant insured losses,” said Rob Newbold, executive vice president at AIR Worldwide.