Wednesday, September 20, 2017

Catastrophe

ADB to expand disaster support for Philippines via insurance

ADB to expand disaster support for Philippines via insurance

The Asian Development Bank is exploring disaster insurance options for one of the countries most vulnerable to natural disasters.

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Insurance initiatives among Apec agenda in Vietnam

Insurance initiatives among Apec agenda in Vietnam

Representatives from 21 economies acknowledged that Asia is among the areas most vulnerable to natural disasters.

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Malaysian insurers ready payments for flood losses

Malaysian insurers ready payments for flood losses

The country’s insurers are prepared to meet claims as seasonal flooding has displaced thousands of people.

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Cost of global natural disasters highest since 2012

Cost of global natural disasters highest since 2012

Last year’s costs were led by earthquakes in Japan, floods in China and wind storms in the Atlantic.

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IAG keeps catastrophe reinsurance at US$7bn

IAG keeps catastrophe reinsurance at US$7bn

Even after the reduction of its commercial portfolio, the Australian insurer has maintained coverage levels.

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Indian insurers may raise premiums in cyclone-prone areas

Indian insurers may raise premiums in cyclone-prone areas

Insurers are considering raising premiums for properties located in low-lying areas on India’s east coast.

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2016 disasters cost US$158bn, says Swiss Re

Insured losses rose by 30%, but covered less than a third of the costs incurred from catastrophes.

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Insurers failing on climate risk

Insurers failing on climate risk

The sluggish response toward climate risk has left an annual US$100 billion gap of uninsured losses.

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Japan’s quake cover remains low

Japan’s quake cover remains low

Penetration rates remain surprisingly low despite being one of the most seismically active countries in the world.

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XL Catlin launches emergency security, disaster solution

XL Catlin launches emergency security, disaster solution

The solution is tailored for businesses in Asia and is underwritten out of HK, Singapore, London and Guernsey.

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Future disasters to cost Vietnam $6.7b

Future disasters to cost Vietnam $6.7b

About 60% of the country’s land and 71% of its population are at risk of typhoons, tornadoes and floods.

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More cover needed to offset extreme weather losses

More cover needed to offset extreme weather losses

Massive global losses from extreme weather highlight the need to expand protection, says World Bank study.

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Australia pushes for regional calamity risk cover

Australia pushes for regional calamity risk cover

The country is identifying areas where it may be able to encourage affordable disaster risk insurance.

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Indonesia urged to use cat bonds

Indonesia urged to use cat bonds

The SE Asian nation is the latest country to be urged to transfer risk via capital markets.

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Philippines’ mandatory nat-cat insurance under review

Philippines’ mandatory nat-cat insurance under review

The Philippines’ Insurance Commission will review the proposed compulsory catastrophe insurance cover.

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Global catastrophe market to grow 5.49%

Global catastrophe market to grow 5.49%

Climate change and natural and man-made disasters will be a key driver for the market’s continued growth.

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God and the protection gap

God and the protection gap

Some objections to buying insurance, such as “Inshallah”, are particularly challenging for insurers to address.

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China flood losses huge but uninsured

China flood losses huge but uninsured

Only 1.5% of US$38bn economic losses were covered by insurance, according to Aon Benfield.

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