With estimated overall costs of about $135 billion for the insurance industry, 2017 represented the bleakest year in their history, mainly because of the compensation for damages caused by Hurricane Harvey, Irma and Maria, by the earthquake in Mexico, and floods as a result of exceptionally heavy monsoons that hit Southeast Asia. Also taking into account uninsured damages, and thus uncompensated, the already humongous figures – calculated by Munich Re, the world’s top German company in the reinsurance sector – soared with an almost twofold increase to $330 billion. “The 2017 calamitous events are only a taste of what the future has in store,” claims Torsten Jeworrek, the man in charge of Munich Re’s global sector for reinsurance. “Even if not all events are ascribable t...