Swiss Re’s World Insurance in 2017 report says growth should improve in coming years. From wildfires to earthquakes to hurricanes, 2017 was a great year for catastrophes and a bad one for losses. A total of 301 disasters, of which 183 were natural and 118 were man-made led to total economic losses of around US$ 337 million with North America as the Primary punching bad, experiencing losses of US$ 244 billion.
This had a huge impact on the overall profitability as 2017 was the most expensive year in terms of catastrophe losses globally, in terms of Insured losses.
Apart from catastrophe losses, overall profitability of non-life Insurers had been declining over the last few years and other economic factors put pressure on low interest rates, so the earnings contribution form the investment of Insurers has been steadily declining over the last decade. However, some factors that burdened the industry in the past year are not expected to make a return this year.