Last year 2012 was fulfilled with challenges of all types that touched everyone on this planet in some way. The source www.insurancejournal.com, presented to audience a list of those remarkable events that lighted the headlines of insurance world in 2012. Some of the most unforgettable of them could be found bellow:
1) The final calculation of losses from the flooding in Thailand skyrocketed up to 15 billion, not counting the losses for business and various industries;
2) Natural disasters in Italy (Costa Concordia), GB (flooding) and Australia (flooding) once again pointed out on the damages and losses that can be brought by such events;
3) Pirate attacks nearby Somalia continued to disturb the situation in the region;
4) Global crisis continued to influence the insurance business throughout the whole world;
5) The Olympic Games in London heavily involved insurance industry. Fortunately, no major deals were noted;
6) Global warming causes the continuing shrinking of Arctic Ice cap, and that appears to become the huge problem not only for the insurance industry, but the whole world itself;
7) New risks appear along with fast developing of IT technologies and now the insurance companies have to deal with this type of events;
8) The storm named Sandy was, no doubt, the most devastating and deadly in 2012. The event which could be described only in movies came true. It covered huge territory and caused huge losses.
Described above is only a short list of global disasters and events that took place in 2012. Along with many others they made a great impact on insurance industry and showed how relevant it is nowadays. Facing all such devastating challenges, it has to undergo some critical changes that are to create the new model of global insurance system.