Disaster claims on insurers has fallen by nearly a third in the first half of the year to $16.5bn, compared to the same period last year, which could lead to cheaper reinsurance, says a report by Swiss Re. The number of insurance companies that have filed for bankruptcy or are considering it fell from 1,119 at the end of 2016 to 1,099 this year. The most expensive natural catastrophes for the industry were from thunderstorms and severe winter weather - the February storm in the US, costing insurers $1.8bn, was the largest loss to insurers from a natural disaster so far this year.
Disaster claims on insurers has fallen by nearly a third in the first half of the year to $16.5bn, compared to the same period last year, which could lead to cheaper reinsurance, says a report by Swiss Re. This was despite a rise of 45% of losses covered by insurance, up from the average for the past 10 years of 27%. The most expensive natural catastrophes for the industry were from thunderstorms and severe winter weather - the February storm in the US, costing insurers $1.8bn, was the largest loss to insurers from a natural disaster so far this year.