Severe convective storms (SCS) have surpassed tropical cyclones to become the costliest insured peril of the 21st century, according to Aon's annual Climate and Catastrophe Insight report. The report shows how increasingly common, high-volume events are reshaping global loss patterns and highlights the critical importance of both physical and financial resilience to help organisations manage volatility and unlock insurability.
A report from the European Insurance and Occupational Pensions Authority (EIOPA) maps current practices and challenges in the identification, measurement and management of biodiversity risks by insurers and reinsurers as part of the existing Solvency II risk management framework.
The Association of British Insurers (ABI) says that, between January and April this year, claims for weather-related damage to people’s homes and possessions in the UK topped £200m for the first time ever. Pay-outs surpassed the previous quarterly record from Q1 2022 by £67m.