“Non-peak” peril insured losses exceeded $US100 billion ($138 billion) last year for the first time after a run of growth, according to Munich Re.

The trend is “progressively becoming the new normal”, as cyber dangers and threats posed by artificial intelligence reshape the risk landscape, the reinsurer says, as the industry gathers for the annual Rendez-vous de Septembre in Monte Carlo.

“While non-peak perils were long regarded as events involving comparatively low losses overall, they have now begun to add up to loss levels that were previously associated primarily with major events,” Munich Re said.

“Understanding risks and taking preventative measures can offset the impact of loss events.”

Munich Re says reinsurers play a key role helping to understand and assess changing risks.

“Furthermore, they can help with prevention and resilience, and cushion claims burdens. They thus make a pivotal contribution to economic stability and to the insurability of new and existing risks.”