Zaffino believes 2025 has the potential to be the first to see $200 billion of insured catastrophe losses
$200bn cat loss year could recalibrate sector | | | Potential $200bn catastrophe loss year in 2025 could recalibrate entire industry: Zaffino, AIG  With the recent California wildfires seen as likely to drive the second most costly first-quarter on record for the global insurance and reinsurance industry, AIG CEO Peter Zaffino has warned that a $200 billion annual catastrophe loss year in 2025 could "recalibrate the entire industry." He said: "If you assume the upper-end of the range for the California wildfires, taking a $50 billion loss-pick, adding the average annual insured loss for the past eight years, and assuming we have an active but not abnormal wind season, which is realistic given the 2024 hurricane season experience and ocean temperatures are the warmest on record, 2025 could be a year of more than $200 billion of insured catastrophe losses." The AIG CEO also explained yesterday that the insurer improved the terms of its aggregate catastrophe reinsurance at the January renewal, and the recent third-party capitalised syndicate launch is expected to drive fee income for the company. Read the full story. | | | | | | Please share this with colleagues and friends if you think they would like to receive it.
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