[ad_1]
(Reuters) – Global insured losses from natural catastrophes are forecast to reach $112 billion by 2022, reinsurance broker Guy Carpenter & Co said. The LLC said Friday that it was driven by the impact of Hurricane Ian, which hit Florida earlier this year.
Flooding and hail in Europe, flooding in Australia and severe storms in the US contributed to the total, Guy Carpenter said in a statement.
Hurricane Ian and other natural disasters have caused $115 billion in insured losses so far this year, higher than the 10-year average of $81 billion, reinsurer Swiss Re Ltd. estimated earlier this month.
Reinsurance rates are expected to rise sharply at the January 1 renewal date as a result of losses from Hurricane Ian and the war in Ukraine, industry sources said.
Ship insurers have excluded Ukraine, Russia and Belarus from war liability policies as reinsurers reduce their exposure.
Debates over rates and war deductibles have strained negotiations between insurers and reinsurers this year, industry sources say.
Guy Carpenter said this year’s renewal season was “a very challenging one”, adding that the process was “very slow”.
The projected losses do not include the impact of recent December natural disasters, Guy Carpenter added.
[ad_2]