Despite being a relatively “quiet” year with the lowest global insured catastrophe losses since 2009 at approximately $30.5 billion, 2015 featured some of the highest-profile disasters in recent memory, including the Paris terrorist attacks, the Nepal earthquake, explosions at the Chinese port of Tianjin, aviation accidents, and the strongest El Niño period in recorded history, according to Guy Carpenter’s GC Analytics annual catastrophe review.
The Tianjin explosions last August caused estimated insured losses ranging from $1.6 billion up to $3.3 billion, in an event that caused a significant loss of life and the effects of which are still being measured.
“The impact of this event on insurers was very complex with reinsurance implications affecting about fifteen companies involving marine, property, automotive, liability and aviation sectors and further effects for contingent business interruption and business interruption exposures … This is likely to constitute one of the largest insured man-made losses to date in Asia,” stated GC Analytics in its report.
Nearly one year ago, Nepal experienced a 7.8 magnitude earthquake and aftershocks, causing major loss of life and prompting a global humanitarian response.
This story in an excerpt of the original. The content originally appeared in Professional Front Page News.
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Erin is the managing editor of Advisen’s Front Page News. She has been covering property-casualty insurance since 2000. Previously, Erin served as editor-in-chief of The Standard, New England’s Insurance Weekly. Erin is based in Boston, Mass. Contact Erin at [email protected].
