Risk modeling company AIR Worldwide estimates that the 1% aggregate exceedance probability insured loss, or the 100-year return period loss, from global catastrophes is $270.9 billion in 2018.

That is an increase from $246.9 billion in the prior year.

For 2018, the one-in-250-year return period loss was modeled at $341.9 billion, with insurable losses coming in at $1.058 trillion. AIR's estimate for 2017 was $325.3 billion, with insurable losses of up to $952.3 million.

The global insured average annual loss also increased to $85.7 billion in 2018 from $78.7 billion a year earlier. Insurable losses are estimated to be $181.8 billion this year, up from $167.2 billion in 2017.

The insurable loss metrics include all exposures eligible for insurance coverage, regardless of whether they are actually insured. They represent the total damage minus deductibles and limits, assuming 100% insurance take-up.

AIR Worldwide is a Verisk Analytics Inc. business.