Structural changes helped keep the industry afloat as insurers take brunt of damages
In 2023, global insured losses from natural catastrophes surpassed $100 billion for the fourth consecutive year, underscoring the financial burden posed by increasingly frequent natural disasters.
A significant portion of these losses originated from medium-severity severe convective storms (SCS), particularly in the US, according to insights from S&P Global Ratings.
However, reinsurers faced less exposure to these losses in 2023, thanks to structural chang