Aon: Market Is “Rapidly Hardening”
The latest report from Aon indicates that although the insurance market remains generally resilient, industry members must keep up with a market that the report describes as rapidly hardening. Aon’s “2019 Insurance Market Report” estimates that the global economic cost of major wildfires, tropical cyclones and severe thunderstorms totaled $225 billion (adjusted for inflation) in 2018 and that the insured losses totaled $90 billion, an increase of nearly 50 percent compared with the annual average for the period of 2000 through 2017.
2018 now stands as the second-highest year on record in terms of economic losses from catastrophes, and 2017 still ranks as the costliest year for such losses. According to Aon, 2017-2018 was the costliest two-year period on record for insurers.