Weather Risks Increase Need For Accurate Data

A huge rise in natural catastrophe events means that insurers and reinsurers must sharpen data on risks they insure with a major focus on high-population, high-dollar urban areas, a reinsurer advised yesterday at a renewal meeting.

Munich Re reported from the annual reinsurance renewal meeting in Baden-Baden, Germany, that taking inflation into account, economic losses in the past 10 years have more than doubled compared to the 1980s, with insured losses rising by a factor of 2.5.