Secondary perils to wreak evermore natural catastrophe devastation globally, Swiss Re Institute’s latest sigma says

10 April 2019 Swiss Re

• Global insured losses from natural catastrophes in 2018 were USD 76 billion, the fourth highest on sigma records
• Over 60% of the losses resulted from so-called “secondary” perils, small-to-mid sized events or secondary effects of a primary peril
• Combined insured natural catastrophe losses for 2017-2018 were USD 219 billion, the highest ever over a two-year period
• Swiss Re Institute expects losses from secondary perils will rise due to growing assets in areas exposed to more extreme weather conditions
• Insurers need to focus more on primary and secondary perils to be able to underwrite catastrophe business sustainably and build global resilience

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