Insured cat losses hit record $135bn in 2017, says Munich Re

Man with umbrella under stormy skies

The final insurance bill for natural catastrophes over 2017 is expected to come to $135bn – higher than ever before, according to Munich Re.

The hurricane trio of Harvey, Irma and Maria helped push overall losses to $330bn, the second-highest figure ever recorded for natural disasters. The only costlier year was 2011, when the Tohoku

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ABI insists fire safety scheme is temporary

Mervyn Skeet, the Association of British Insurers’ director of general insurance, has outlined how the trade body will ensure the Fire Safety Reinsurance Scheme will only last three to five years, and how it will should end criticism of brokers earning commission for arranging cover.

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