Reflecting on the overall insurance industry losses for the year, BMS Group has revealed that worldwide insurance industry losses for 2023 should end up below the modeled average annual loss suggested by Verisk Annual Global Modeled Catastrophe Losses of $133 billion.
While there is still some loss development from recent severe weather events from around the world, such as the recent severe weather and flooding in Australia and Argentina and winter storms in the US, overall, BMS Group highlighted how it appears that the US insurance industry losses will end up below $65 billion across all perils.
