Kathmandu. Natural disasters are the fifth biggest risk to the global business sector. <\/p>\n
The Eliza Risk Barometer recently ranked natural disasters as the fifth biggest risk to the global business sector. Agilla has also placed frequent storms at the top of natural disasters. More than $60 billion worth of insured assets worldwide were damaged by hurricanes in 2025, according to the ELISA report. <\/p>\n
According to Gallagher Rea, severe storms are expected to be the leading cause of global insurance claims between 2023 and 2025. The total loss will be more than $200 billion. <\/p>\n
Unlike hurricanes, these events often occur without warning. This can lead to flash flooding, high winds, and hail. <\/p>\n
Hurricanes often attract public attention, but hail accounts for 50 percent to 80 percent of insured property damage related to all natural disasters. <\/p>\n
Apart from the United States, there has also been significant damage in areas such as northern Spain. The severity of these insurance claims is increasing as hurricanes increasingly affect high-value assets such as aircraft fleets and solar power installations. <\/p>\n
The physical impact of these events is significant. A baseball-sized hailstorm can travel at speeds in excess of 160 kilometers per hour. It has the kinetic energy of a professional baseball pitch. Therefore, harmful winds and hail have become the leading reasons for insurance claims for expensive property and vehicles. <\/p>\n
Several factors are exacerbating the financial impact of these storms. Population growth and rapid urbanization in vulnerable areas have increased the number of properties at risk. Older buildings and older building codes often can’t withstand the effects of the current weather. <\/p>\n
The cost of maintenance and reconstruction has increased. For example, according to a Willis Rico report, the cost of replacing roofs has increased by 45 percent in the past five years and by 250 percent since 2000. These costs have been further exacerbated by a lack of skilled labor and materials. <\/p>\n
Thomas Lillelund, CEO of Allianz Commercial, said that while tornadoes are often referred to as secondary hazards, their total financial impact is now equal to or greater than that of primary hazards such as hurricanes. He pointed out that businesses need to go beyond traditional scenario planning and adopt proactive risk management. <\/p>\n
Insurance experts are now advocating the use of artificial intelligence (AI) to identify physical vulnerabilities in advance. “Traditional catastrophe models often struggle to account for specific asset factors, such as roof type or asset value,” said Michael Bruch, global head of risk advisory consulting services at Allianz Commercial. \u2019<\/p>\n
Using AI and data-driven insights, companies should be able to identify risks ahead of hurricanes. \u2013Agency<\/p>\n","protected":false},"excerpt":{"rendered":"
Kathmandu. Natural disasters are the fifth biggest risk to the global business sector. The Eliza Risk Barometer recently ranked natural disasters as the fifth biggest risk to the global business sector. Agilla has also placed frequent storms at the top of natural disasters. More than $60 billion worth of insured assets worldwide were damaged by […]<\/p>\n","protected":false},"author":16,"featured_media":293739,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[45031,45044,45159],"tags":[],"class_list":["post-293814","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-banner-news-en","category-international-news-en","category-news-en"],"acf":[],"_links":{"self":[{"href":"https:\/\/english.insurancekhabar.com\/ikbrapi\/wp\/v2\/posts\/293814","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/english.insurancekhabar.com\/ikbrapi\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/english.insurancekhabar.com\/ikbrapi\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/english.insurancekhabar.com\/ikbrapi\/wp\/v2\/users\/16"}],"replies":[{"embeddable":true,"href":"https:\/\/english.insurancekhabar.com\/ikbrapi\/wp\/v2\/comments?post=293814"}],"version-history":[{"count":1,"href":"https:\/\/english.insurancekhabar.com\/ikbrapi\/wp\/v2\/posts\/293814\/revisions"}],"predecessor-version":[{"id":293815,"href":"https:\/\/english.insurancekhabar.com\/ikbrapi\/wp\/v2\/posts\/293814\/revisions\/293815"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/english.insurancekhabar.com\/ikbrapi\/wp\/v2\/media\/293739"}],"wp:attachment":[{"href":"https:\/\/english.insurancekhabar.com\/ikbrapi\/wp\/v2\/media?parent=293814"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/english.insurancekhabar.com\/ikbrapi\/wp\/v2\/categories?post=293814"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/english.insurancekhabar.com\/ikbrapi\/wp\/v2\/tags?post=293814"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}