UK economic losses from natural catastrophes hit $800m in 2024 – Swiss Re
UK economic losses caused by natural catastrophes reaching $800m (£596.6m) in 2024 has shone a spotlight on the urgent need to strengthen resilience against future events, according to Swiss Re.
Insured losses in the UK from natural catastrophes totalled $570m last year, the reinsurer calculated.
Jason Richards, Swiss Re CEO of P&C reinsurance in the UK & Ireland, said: “With the UK being a hotspot for floods and winter storms, recent events such as Storms Darragh and Eowyn should not be considered freak occurrences. History repeats and it’s not a question of if, but when, we will face the next instance of extreme weather.
This degree of fluctuation shows that the industry must be
Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
To access these options, along with all other subscription benefits, please contact info@insuranceage.co.uk.
You are currently unable to print this content. Please contact info@insuranceage.co.uk to find out more.
You are currently unable to copy this content. Please contact info@insuranceage.co.uk to find out more.
Copyright Infopro Digital Limited. All rights reserved.
As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (point 2.4), printing is limited to a single copy.
If you would like to purchase additional rights please email info@insuranceage.co.uk
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (clause 2.4), an Authorised User may only make one copy of the materials for their own personal use. You must also comply with the restrictions in clause 2.5.
If you would like to purchase additional rights please email info@insuranceage.co.uk
More on Insight
Rokstone launches international casualty division
Managing general agent Rokstone has launched an international casualty division, recruiting again from Convex to lead the new offering.
National brokers lead the way on climate guidance with regional firms lagging
Two-thirds of regional and provincial brokers do not provide any climate-related guidance to clients, according to research by Ecclesiastical, while the same amount (65%) of national brokers do so, Insurance Age can reveal.
Personal lines specialist buys bicycle and e-bike insurance brand
Niche Box Group has bought Next Generation Insurance Group – trading as Cycler – to expand into bicycle insurance as a stand alone or embedded into core covers.
Cotty eyes Bristol becoming Thomas Carroll’s largest region
Gareth Cotty, group chief commercial officer at Thomas Carroll, details the agility in being independent, opportunities for the Bristol office to become its largest region, and notes further buys and office expansions are not off the table.
Oxbow predicts profitable motor market CORs for 2025 and 2026
Oxbow Partners has forecast a combined operating ratio for the UK motor market of 93% for 2025 and 96% for 2026, which would mark three consecutive years of profit for the sector.
Ageas’ Middle and Beckett on staying strong with broker growth ambitions amid deals
Ageas’ plans are “as strong as ever” when it comes to broker growth and the ongoing deals will not be a distraction, its bosses have promised the sector as they flagged home insurance expansion as a key priority.
Motor MGA faces uncertain future after Accredited does not renew binder
CPD Underwriting Solutions has become one of the latest motor MGAs to face an uncertain future due to the withdrawal of capacity.
Leicester-based broker strikes first acquisition
GOAT Insurance has purchased the full book of business from IGG Insurance, marking its first buy.