Experts on natural catastrophe risk at Allianz highlighted the growing trend in insured losses arising from natural catastrophes worldwide in a risk briefing, the “Allianz Risk Pulse: Focus Natural Catastrophes,” released earlier today. The average annual cost of insured claims from natural catastrophes has increased eight-fold since 1970 (up from some $5 billion in the 1970s and 1980s to more than $40 billion in 2010).
The main reason is economic growth: Property values are rising, population density and insurance penetration are increasing, often in high risk areas—a trend that is compounded by the fast growth of some Asian economies in catastrophe-prone regions. The impact of climate change must also be closely watched.
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