Idalia, secondary perils and the looming 'highest ever loss'

Hurricanes and wildfires have stolen the headlines recently, but what about potential earthquakes? Well, according to Swiss Re , the global insurance and reinsurance industry could face between $130 billion and $150 billion of losses if a really severe shaker were to slam Tokyo. That would be "the highest ever loss globally from one event," the reinsurance giant predicted.

But the here and now is all about Hurricane Idalia, with estimates of insured losses as low as $2 billion still poised to impact underwriting results for a number of carriers, the AM Best financial rating firm said in a report.

So, for perspective, how will Hurricane Idalia stack up to the rest? Here's a list put together by Reuters News Agency of the most expensive ones to ever hit:

Primary perils aside, it's the secondary perils that seem rising to the top of the list of concerns facing insurers these days, according to a recent Moody's RMS report. Collectively, it's perils such as wildfires, hail or convective storms that are now causing much more losses than hurricanes and earthquakes.

No headwinds are enough to cool growth in the global commercial property insurance industry, which generated $254.9 billion last year. A staggering figure, no doubt, but that's nothing compared with where it's ultimately headed. Allied Market Research estimated that, by 2032, the figure is expected to reach $724 billion on the back of 11.3% compound annual growth.

Rising premiums continue to fuel expansion, but the American people are increasingly growing weary of costs and bidding adieu to home insurance. With rising premiums and the growing perception of lower risk, The Wall Street Journal is reporting homeowners across the country are dropping coverage.

And with that, enjoy the long holiday weekend!