2018 was expected to be a quite year from Hurricane damage and so it proved to be compared with 2017. However, losses from natural and man-made disasters are estimated to total $155 billion (136 billion euros) this year, so says the reinsurance giant Swiss Re this week.
This is down sharply from a busy hurricane seasone of 2017, The trio of hurricanes Harvey, Maria and Irma last year,2017, pushed losses to $350 billion, but Swiss Re noted that a "number of smaller and mid-sized events, alongside some major man-made disasters" in 2018 were still cause for serious concern.
They went on to say that events this year "highlight the increasing vulnerability of the ever-growing concentration of humans and property values on coastlines and in the urban-wildlife interface."
Overall, the figures served as a reminder that "extreme weather conditions can quickly turn into catastrophe," the company said.
Among the major events causing damage this year were hurricanes Michael and Florence, a series of typhoons in Asia and the recent California wildfires.
Of the $155 billion losses they believe that roughly half of all these losses were covered by insurance, Swiss Re said. This means that many people and businesses are fased with some huge bills and repair costs. Being self-insured can be very expensive!
Earlier this year we mentioned the floods in India. The monsoon flooding severely hit 12 of Kerala's 14 districts, with thousands of homes damaged in June and July 2018 and 1,000's of peoples lives turned upside down. Many of these people had no insurance.
The weather chanel also did a great job this year to show what a storm serge would be like in this great video. This shows is very simple steps why you need to be prepared.
Being prepared for a wildfire is essential and getting more difficult as more and more people are making their homes in woodland settings — in or near forests, rural areas or remote mountain sites. There homeowners enjoy the beauty of the environment but face the very real danger of wildfire.
Earthquakes are always a threat. Check out this earthquake explainer video. Globally, there are around 500,000 earthquakes each year, with 100,000 of these being felt by humans and, of these, 100 cause damage. The threat of the big one is always there and 'big ones' can cause huge impact to life and property.
Insurance is a great way to protect investments but premiums can give you something to think about given the price-effects of global warming. Large deductibles and exclusions can make the policies long and complicated. Advice is necessary and brokers play an important role. Check out a broker near you.
What will 2019 bring? what this space for predictions....!
At Microinsurance we are focused on changing the way business insurance is developed and processed. We are insurance with an API. We are in the forefront of that change; developing policies by the season, job, by the hour, by the day and by the Km, thus fitting our model to that of the platforms and the way small and micro businesses see risk. We are unbundling business policies so that the cover offered fits with peoples and business needs or the actual job or process being undertaken. Making Business Insurance transactional.
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