The Wall Street Journal reported that, as hurricanes, earthquakes and other natural disasters struck the United States frequently last year, the huge claims faced by insurers could hit a record high, and some companies therefore plan to raise long-declining premiums to cover insurance losses.

        Multiple natural disasters in the United States last year led to a sharp increase in insurer claims, including a series of devastating hurricanes, earthquakes in Mexico, and wildfires and blizzards in California.

        According to catastrophe loss modeling agencies, insured losses from the three U.S. hurricanes (Harvey, Irma and Maria) and the two Mexico earthquakes ranged from $66 billion to $111 billion. California insurance regulators noted that claims from the October California wildfires amounted to as much as $94 billion, which does not include the subsequent new wave of wildfires in Southern California, estimated to add another $5 billion in insured losses.

Source: Commercial Times 2018-01-28