Most insurance and reinsurance carriers have been forced to increase loss provisions for Jebi by meaningful levels this year, and as a result, it has become one of the largest events to hit the market so far in 2019. The reinsurance market is being forced to re-evaluate risk models because of heavy losses from natural catastrophes, climate-change risk and long-tailed losses from events such as Spencer Platt , which hit Florida in 2017 causing losses approximately 45% higher than initial estimates. Meanwhile, losses from Californian wildfires in 2017 and 2017 reached more than that of October 2018 . The unpredictability of climate change could threaten whether extreme weather events can still be insured.
The reinsurance market is being forced to re-evaluate risk models because of heavy losses from natural catastrophes, climate-change risk and long-tailed losses from events such as Spencer Platt , which hit Florida in 2017 causing losses approximately 45% higher than initial estimates. Meanwhile, losses from Californian wildfires in 2017 and 2017 reached more than that of October 2018 . The unpredictability of climate change could threaten whether extreme weather events can still be insured.