Skip to main content
The Actuary: The magazine of the Institute and Faculty of Actuaries - return to the homepage Logo of The Actuary website
  • Search
  • Visit The Actuary Magazine on Facebook
  • Visit The Actuary Magazine on LinkedIn
  • Visit @TheActuaryMag on Twitter
Visit the website of the Institute and Faculty of Actuaries Logo of the Institute and Faculty of Actuaries

Main navigation

  • News
  • Features
    • General Features
    • Interviews
    • Students
    • Opinion
  • Topics
  • Knowledge
    • Business Skills
    • Careers
    • Events
    • Predictions by The Actuary
    • Whitepapers
    • Moody's - Climate Risk Insurers series
    • Webinars
    • Podcasts
  • Jobs
  • IFoA
    • CEO Comment
    • IFoA News
    • People & Social News
    • President Comment
  • Archive
Quick links:
  • Home
  • The Actuary Issues
  • July 2014
07

Insured natural catastrophe losses down on last year

Open-access content Thursday 24th July 2014 — updated 8.38pm, Wednesday 29th April 2020

Insured losses from global natural disasters in the first half of 2014 reached $22bn, down $5bn on last year, according to Aon Benfield's monthly Global Catastrophe Recap report.

Published yesterday, the report said that around 55% of the insured losses occurred in the US incurring an estimated claims payout of $12bn during the period.  

Almost a quarter (23%) of insured losses came from Europe, with the region's claims payouts standing at nearly $5bn, while 19% of insured losses occurred in Asia representing $4bn of claims payouts.

Steve Bowen, associate director and meteorologist with Aon Benfield's Impact Forecasting team, said: 'Despite some well-documented natural disaster events during the first half of 2014, our data show that losses from both economic and insured perspective were below their recent averages.

'However, a relatively quiet first six months does not mean a similar trend will continue throughout the rest of the year.'

In total, the first half of 2014 saw seven separate billion-dollar insured loss events, with four occurring in the US, two in Europe, and one in Asia.

The two costliest insured events - with claims payouts each reaching in excess of $2.5bn - included a significant stretch of heavy snowfall across Japan in February and a multi-day June event that caused extensive hail damage in France and Germany.

The report said that insured losses sustained from the snow event in Japan marked one of the costliest natural disaster-related events in the country's history.

Also, winter floods in the UK led to claims payouts beyond $1.0bn, the report noted.  

The remaining $4bn natural disaster events were in the US and included the January Polar Vortex winter weather event, two stretches of severe springtime weather and the ongoing drought in the West.

 

 

This article appeared in our July 2014 issue of The Actuary .
Click here to view this issue

You may also be interested in...

IFoA and FRC issue statement on actuarial standards

The Institute and Faculty of Actuaries (IFoA) and the Financial Reporting Council (FRC) have issued a joint statement on actuarial standards.
Thursday 24th July 2014
Open-access content

Treasury's infrastructure investment guide 'of interest to insurers'

Actuaries have said that the latest government guide to investing in UK infrastructures assets will be of welcome interest to UK life insurers who are keen help boost the economy and improve yields on their assets.
Wednesday 23rd July 2014
Open-access content

Towers Watson: value of 'at-retirement' market set to hit £50bn

The UK ‘at retirement’ market will triple to £50bn by 2023, pushed by substantial annuity sales, according to analysis by Towers Watson.
Friday 25th July 2014
Open-access content

Webb cuts deferred state pension increase to 5.8%

The state pension enhancement enjoyed by people who choose to defer taking the payment is to be cut by almost half, the government announced today.
Tuesday 22nd July 2014
Open-access content

Healthy outlook for Malaysian insurance, says Fitch

Fitch Ratings expects the attractive growth prospects in Malaysia’s insurance industry to continue to bring in more foreign investors ahead of market liberalisation.
Friday 18th July 2014
Open-access content

One in ten pensioners 'are millionaires', Prudential finds

Over a million of pensioner households in the UK now have a total wealth of more than £1m, according to analysis by Prudential.
Friday 18th July 2014
Open-access content

Latest from Environment

rdth

Make My Money Matter's Tony Burdon on the practical power of sustainable pensions

Years working in international development showed Tony Burdon, head of Make My Money Matter, that sustainable pensions can harness trillions of pounds to build a better world – at a scale governments and charities can’t. He talks to Travis Elsum
Wednesday 1st March 2023
Open-access content
ty

Data detective

Heard about the chatbot ChatGPT? Artificial intelligence is advancing rapidly, says Arjun Brara – and could soon be used to refine ESG ratings and expose greenwashing
Wednesday 1st March 2023
Open-access content
iugu

Interview: chemist and climate expert Sir David King on how actuaries can save the Arctic

Actuaries can save the Arctic, according to esteemed chemist and climate-change expert Sir David King. He tells Alex Martin that risk management is as relevant to preserving the planet as groundbreaking science
Wednesday 1st February 2023
Open-access content

Latest from July 2014

Independent DC audit panel issues progress report

The independent panel convened to probe the defined contribution pensions market has confirmed it will review all workplace pensions sold before 2001 and all post-2001 DC plans sold with fees over 1% per annum.
Thursday 31st July 2014
Open-access content
ta

TPR renews pension liberation fraud warning

The Pensions Regulator has refreshed its hard-hitting Scorpion campaign to tackle the nearly-£500m pension liberation scam problem.
Thursday 24th July 2014
Open-access content
2

Osborne promises pension savers independent advice

Millions of pension savers are receive free and impartial guidance on their retirement options from independent organisations rather than scheme providers, the government announced today.
Monday 21st July 2014
Open-access content

Latest from no_opening_image

TPR publishes coronavirus guidance

The Pensions Regulator (TPR) has published guidance to help UK pension trustees, employers and administrators deal with the financial and regulatory risks posed by coronavirus.
Monday 23rd March 2020
Open-access content
web_p24_cat-and-fish_iStock-483454069.png

Sensitivity analysis: swimming lessons

Silvana Pesenti, Alberto Bettini, Pietro Millossovich and Andreas Tsanakas present their alternative approach to sensitivity analysis
Wednesday 4th March 2020
Open-access content
ta

IFoA adjudication panel: Mr Jack Wicks, student

On 30 October 2019 the Adjudication Panel considered an allegation of misconduct against Mr Jack Wicks (the respondent).
Friday 28th February 2020
Open-access content

Latest from 07

Independent DC audit panel issues progress report

The independent panel convened to probe the defined contribution pensions market has confirmed it will review all workplace pensions sold before 2001 and all post-2001 DC plans sold with fees over 1% per annum.
Thursday 31st July 2014
Open-access content
ta

TPR renews pension liberation fraud warning

The Pensions Regulator has refreshed its hard-hitting Scorpion campaign to tackle the nearly-£500m pension liberation scam problem.
Thursday 24th July 2014
Open-access content
2

Osborne promises pension savers independent advice

Millions of pension savers are receive free and impartial guidance on their retirement options from independent organisations rather than scheme providers, the government announced today.
Monday 21st July 2014
Open-access content
Share
  • Twitter
  • Facebook
  • Linked in
  • Mail
  • Print

Latest Jobs

Investment Consultant

Scotland / Scotland, Edinburgh / London, England
Up to £70000.00 per annum
Reference
148689

Market Risk Capital Actuary/Quant

London (Central)
£65,000 - £115,000 plus bonus and package
Reference
148688

Experience Analysis Contractor

England
Negotiable
Reference
148687
See all jobs »
 
 
 
 

Sign up to our newsletter

News, jobs and updates

Sign up

Subscribe to The Actuary

Receive the print edition straight to your door

Subscribe
Spread-iPad-slantB-june.png

Topics

  • Data Science
  • Investment
  • Risk & ERM
  • Pensions
  • Environment
  • Soft skills
  • General Insurance
  • Regulation Standards
  • Health care
  • Technology
  • Reinsurance
  • Global
  • Life insurance
​
FOLLOW US
The Actuary on LinkedIn
@TheActuaryMag on Twitter
Facebook: The Actuary Magazine
CONTACT US
The Actuary
Tel: (+44) 020 7880 6200
​

IFoA

About IFoA
Become an actuary
IFoA Events
About membership

Information

Privacy Policy
Terms & Conditions
Cookie Policy
Think Green

Get in touch

Contact us
Advertise with us
Subscribe to The Actuary Magazine
Contribute

The Actuary Jobs

Actuarial job search
Pensions jobs
General insurance jobs
Solvency II jobs

© 2023 The Actuary. The Actuary is published on behalf of the Institute and Faculty of Actuaries by Redactive Publishing Limited. All rights reserved. Reproduction of any part is not allowed without written permission.

Redactive Media Group Ltd, 71-75 Shelton Street, London WC2H 9JQ