2014 Natural Catastrophe Year in Review

On January 7 Munich Re and the Insurance Information Institute hosted a webinar that provided an overview of 2014 natural catastrophes. Speakers included Carl Hedde, head of Risk Accumulation, Munich Reinsurance America, whose presentation offered a global and U.S. natural catastrophe update; Ernst Rauch, head of the Corporate Climate Center, Munich Re, who spoke about the heavy rains and severe droughts that characterize today’s weather; and Robert Hartwig, president of the Insurance Information Institute, whose report focused on the economic implications of natural catastrophe losses. Munich Re reported that insured catastrophe losses worldwide totaled $31 billion in 2014, down from $39 billion the previous year, and overall economic losses fell to $110 billion from $140 billion in 2013. The greatest insured losses in North America, $2.3 billion, resulted from an unusually cold winter with heavy snowfalls and blizzards. The webinar is accompanied by a PowerPoint presentation from Robert Hartwig entitled, Market and Financial Impact of Catastrophe Losses: 2014 Summary, which includes sections on winter storm losses; surplus, capital and capacity; investments; underwriting; premium growth; and a property/casualty insurance industry financial update.