Insured Losses

Residual market property plans – 2016

Executive summary

 

  • The exposure value of the residual property market in hurricane-exposed states continues its decline from the peak levels seen in 2011. Between 2011 and 2014, total exposure to loss in the plans fell by almost 30 percent to $639 billion. Policy counts in 2014—at around 2.8 million—are also down from their 2011 highs.

 

 

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The Northridge, CA, Earthquake 20 Years After: Facts, Figures and Perspectives

The Northridge, California, earthquake of 1994 was the costliest earthquake in U.S. history in terms of insured losses.

Spotlight on: Catastrophes - Insurance issues

Overview

The term “catastrophe” in the property insurance industry denotes a natural or man-made disaster that is unusually severe. An event is designated a catastrophe by the industry when claims are expected to reach a certain dollar threshold, currently set at $25 million, and more than a certain number of policyholders and insurance companies are affected.

Spotlight on: Flood insurance

Overview

Flooding is the most common and costly natural disaster in the United States, causing billions in economic losses each year. According to the National Flood Insurance Program (NFIP), 90 percent of all natural disasters in the United States involve flooding.

Facts + Statistics: Hurricanes

The official Atlantic hurricane season runs from June through November, but occasionally storms form outside those months. Seasonal hurricane forecasting from Colorado State University is available here.

Facts + Statistics: U.S. catastrophes

2022 natural catastrophes

Aon defines a catastrophe as a natural event that causes any of the following:

  • $25 million or more in insured property losses
  • ten deaths
  • 50 people injured
  • 2,000 filed claims or homes and structures damaged.

Aon’s natural catastrophe estimates include Puerto Rico and the U.S. Virgin Islands and include losses sustained by private insurers and government-sponsored programs such as the National Flood Insurance Program. They are subject to change as loss estimates are further developed.

Facts + Statistics: Global catastrophes

Global Catastrophes

  • Insured losses from natural catastrophes totaled $130 billion, 76 percent above the 21st century average, and 18 percent higher than 2020, according to the 2021 Weather, Climate and Catastrophe Insight report from Aon.
  • Hurricane Ida was the largest insured loss event in 2021 and the fourth costliest hurricane on record with $36 billion in insured losses.