ESG & Investing
Climate Losses Batter Insurers While Reinsurers Step Back
Primary insurance companies are forced to pay the price as the reinsurance industry moves to more solid ground.
Overturned and damaged trucks following a tornado in Rolling Fork, Mississippi, last year.
Photographer: Rory Doyle/BloombergThis article is for subscribers only.
As the planet warms and more natural disasters occur, insurers are facing an increasingly difficult time.
In 2023, for the fourth year in a row, global insured catastrophe losses exceeded $100 billion. The trend continues this year: In the first half, losses have reached $62 billion and are tracking well above the 10-year average of $37 billion, according to a recent analysis by Munich Re.