The GILC review identifies flood, storm, wildfire and catastrophe risks as putting pressure on underwriting, pricing, reinsurance arrangements, product design and affordability of cover in many jurisdictions. In Australia, updated data from the Insurance Council of Australia shows that extreme weather losses are increasing, along with higher average claims costs and significant pressure on supply chains, with Munich Re on track to record $4.8 billion in insured weather losses through 2025. Austria recorded €1.7 billion in insured natural disaster losses during 2024 – the highest level reported for that market – with insured losses from natural disasters now averaging more than €1 billion annually. Austrian domestic losses from the 2024 Central European floods alone amounted to €550–650 million and federal disaster funds reached €1 billion. Spain experienced its own landmark event in Valencia Dana, which the report’s Spanish contributors described as generating very large volumes of property, motor and business interruption claims, largely testing loss-adjustment capacity, policy wording and public communications.
Above $100 billion for six consecutive years – and the insurance environment is not getting simpler & more related News Here
