Swiss Re, one of the world’s biggest reinsurers, has said the industry significantly underestimated the fallout from recent natural disasters across Europe and warned that some areas have become “uninsurable”.
“Whether it’s the Turkey quake . . . or the floods in Germany or the hailstorms in Italy, models were off by factors as opposed to 10 or 20 per cent,” said Gianfranco Lot, the group’s chief underwriting officer for property and casualty reinsurance.
Global insured losses from natural catastrophes exceeded $100bn for the fourth consecutive year in 2023, the group has said, including $6.2bn of losses from the earthquake that hit Turkey.
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