Exposure to geophysical events remains unchanged despite the earthquakes in Haiti, Chile, Turkey and Costa Rica and volcanic eruptions in Iceland, Ecuador and Guatemala. This exposure is not affected by human activity. However, steadily increasing insured values have meant a substantial rise in exposures, and thus risks, over the years. On the other hand, the meteorological risk situation is also changing in the case of storms and heavy precipitation. The number and intensity of weather-related catastrophes is expected to increase in the coming decades, largely on account of climate change. For Winter Storm Xynthia, which wrought major damage in Europe on 27 and 28 February 2010, Munich Re continues to anticipate a reinsurance claims burden of around €70m. Provisions of around €160m have been established for the two hailstorms that occurred in Australia this March.
Dear climate change skeptics, why is Munich Re worried about losing gobs of money?
via PK
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