A new report from ratings agency Fitch says that global reinsurers posted solid underwriting gains in 2013, as catastrophe-related losses were manageable and loss reserve development remained favourable.
The global reinsurers that Fitch tracks improved their underwriting combined ratio to 85.5% in 2013, from 89.3% in 2012. The (re)insurance industry experienced below-average natural catastrophe insured losses of $31bn in 2013, compared with the 10-year average (2004-2013) of $56bn and down from $65bn in 2012. The majority of losses were from flooding in Germany, central Europe and Canada as well as from severe thunderstorms in the US.
The report says worldwide insured natural catastrophe losses in 2013 for the (re)insurance industry were $31bn, with economic losses of $125bn according to a review published by Munich Re’s NatCatService.
The largest two events in 2013 were from July hailstorms in Germany and June inland flooding in central Europe, which accounted for a total $6.7bn of insured losses and $20bn of economic losses.
Click here to download the report
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