For the insurance industry, 2014 was not a year of big losses. However, look more closely and you will see a string of near misses and important reminders of the forces that can wreak destruction and produce sizable losses.
Executive SummaryWhile 2014 was a year of near misses, the insurance industry must remain on guard. Historic events serve as stark reminders of the devastation and losses caused by major disasters, warning us to strive for continued improvements in risk management as we wait for the next major catastrophe.
Napa Earthquake Reminds the Industry of Potential Risk
While worldwide there were as many as 150 magnitude 6.0 earthquakes this year, there was only one earthquake of note in the United States: an August earthquake that hit Napa, Calif., damaging buildings and causing losses for the local wine industry. RMS estimates that total insured losses for the earthquake did not exceed $250 million.