Category:

Disaster & Management

Climate-change effects to drive rising losses from severe weather events:Sigma study

Worldwide, economic losses from natural and man-made disasters in 2019 were USD 146 billion, lower than USD 176 billion in 2018 and the previous 10-year annual average of USD 212 billion. The global insurance industry covered USD 60 billion of the losses, compared with USD 93 billion in 2018 and USD 75 billion on average in the previous 10 years.

“To uphold the insurance risk transfer model as a powerful tool to foster resilience, insurers need to adapt before, not post events,” Martin Bertogg, Head of Catastrophe Perils at Swiss Re said. “To this end, insurers should be wary of historical loss records in understanding today’s state of the socio-economic environment and climate. Averaging out over a past spanning multiple decades can lead to distorted risk assessment.”

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Van Gogh heist focuses collectors’ attention on security systems

In New York, where museums and galleries have shuttered and art-lined apartments and townhouses stand empty, some are taking added precautions. Jordan Arnold, head of art risk advisory services at K2 Intelligence FIN, said he’s had numerous conversations recently with clients about security concerns. Lawyer Thomas Danziger said one client, a jeweler, has removed everything from the store in case of theft. Others have put their artwork into storage.

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