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Aon: Market Is “Rapidly Hardening”

A market that the report describes as rapidly hardening.
September 3, 2019

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.

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