Year of the Pig may mean ‘back to normal’ for the insurance industry - Markel

In the Chinese zodiac, 2018 was the year of the dog, and it didn’t hesitate to bear its fangs in terms of catastrophe damage, making it one of the worst years for the insurance industry in the past decade. However, according to Matt Cannock (pictured), managing director of Asia at Markel International Singapore, 2019, most of which is under the year of the pig, could be a return to ‘normality’ following a tumultuous year of the ferocious guard dog rather than the gentle lap dog. Several major catastrophes occurred in 2018, including Typhoon Jebi, which was the most powerful storm to make landfall in Japan in 25 years, while Hurricane Michael was the most intense to hit the United States since 1969. Super Typhoon Mangkhut was the most powerful storm in 35 years to strike Hong Kong, which is a market containing well-insured, high-value assets and not typically seen as exposed to natural catastrophes.