Industry Segments: Catastrophe Page 11 / 58
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- April 30 2024
Insurers’ switch to risk-based pricing makes insurance unaffordable: RBNZ
Climate change and rising reinsurance costs are prompting more insurers to switch to a risk-based pricing approach, but the Reserve Bank of New Zealand warns that this is also making property insurance unaffordable and leave customer underinsured.
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- April 26 2024
Opinion: European regulator’s climate conundrum poses questions for South-East Asia’s risk mitigation
Excluding high-risk areas from coverage does not provide a viable solution, as all actors need to work together to address climate risk, including the P&C sector, governments and society.
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- April 26 2024
China’s financial regulator calls on carriers to develop green insurance
The National Financial Regulatory Administration have asked (re)insurers to enhance their modelling capability, and to play a greater role in helping the society shoulder the cost of climate change.
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- April 25 2024
South Korea mandates liability cover under new data, crypto regulations: Korean Re
The market, which was hit by US$555m in summer rainfall losses last year, is set to benefit from compulsory insurance norms and the local players will also see easing of overseas expansion regulations, a report by the reinsurer says.
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- April 25 2024
New Zealand’s early-2023 weather events cost US$5.3-US$8.6bn, government inquiry finds
Cyclone Gabrielle was a moderate-scale event when compared to what New Zealand could experience, warns the National Emergency Management Agency.
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- April 23 2024
Asia warming faster than global average, hit by 79 weather-related disasters in 2023: WMO
Floods and storms are causing the highest number of reported casualties and economic losses, whilst the impact of heatwaves became more severe, according to a report from the UN climate agency.
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- April 23 2024
Rainstorms in China linger as insurers count preliminary losses at US$11m
Insurers in Zhaoqing and Shaoguan cities, both in the Guangdong province, have thus far received about 4000 claim notifications, according to local media reports.
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- April 22 2024
Noto earthquake insurance payout approaches US$500m: GIAJ
The claims have increased 3.5 times since January 31 and rose by 22% since the last tally on March 8.
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- April 22 2024
China’s ‘once-in-a-century’ flood warning puts Guangdong on alert
The past weekend of rainstorm that hit China coastal cities and Guangdong province has led to four deaths and economic loss of US$19.3 million, according to media reports.
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- April 22 2024
TSMC’s earthquake losses estimated at US$92m
The Taiwanese chipamaker said the loss is net of insurance claims and that damage was mostly to inventories and equipment, according to a stock exchange filing.
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- April 18 2024
Asia accounts for 40% of nat cat economic losses in Q1: Gallagher Re
Driven by the Noto Peninsula earthquake, Asia had US$17bn in losses for the first three months of the year, making it the only region with above-average Q1 losses.
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- April 16 2024
Taiwan earthquake preliminary non-residential losses exceed US$263m: Guy Carpenter
While not all of these losses are insured, the residential earthquake insurance fund has reported claims of about US$23m from 472 claims, data from the broker showed.
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- April 15 2024
HK Insurance Authority courts Chinese insurers, municipalities to grow cat bond hub
- Analysis
- Cat Bond
- China
- China Re
- Insurance Authority of Hong Kong
- Peak Re
- PICC Property and Casualty
- PICC Re
The regulator is reaching out to Chinese (re)insurers and local governments as it seeks to entice potential cat bond issuers to the city and build an insurance-linked securities hub for the Greater Bay Area.
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- April 11 2024
Taiwan earthquake claims unlikely to exceed 2016 Meinong event’s US$500m: AM Best
Carriers will only have to deal with limited commercial and industrial claims such as business interruption as the April 3 quake was quite far from the economic and scientific centres and most of the losses are ceded to the international reinsurance market.
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- April 11 2024
Australia’s summer insured cat losses top US$1bn: ICA
The cost of the Christmas Storms has now exceeded US$730m from 95,000 claims; and the total losses for the season is expected to further rise with last weekend's storm in New South Wales.
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- April 10 2024
NSW ‘black nor’easter’ storms declared significant event as claims top 11,500: ICA
Suncorp, which received 2,700 claims, and IAG, with 3,100 claims, have said that almost 80% of the losses are coming from property damage.
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- April 8 2024
Taiwan earthquake set to be ‘notable event’ for local carriers: Aon
Relatively high take-up rate of residential earthquake insurance will impact the country's insurance industry as economic losses from the event is set to reach 'hundreds of millions dollars', the broker said.
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- April 8 2024
Eastern Australia hunkers down as threat of ‘blue sky flood’ continues
After the wild weather slammed the country’s south-eastern states, the New South Wales government has declared an emergency even as skies cleared up and Queensland continues to on alert as the rain event hasn't yet let up.
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- April 4 2024
Australia’s east coast prepares for floods as major rain event sets in
The BOM has issued flood watches for Queensland and New South Wales, with rainfall of up to 200mm likely by the weekend.
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- April 4 2024
New normal of US$100bn annual nat cat losses calls for greater resilience
The pace of the widening protection gap for natural catastrophes is increasing, and Swiss Re has urged for meaningful climate adaptation and resilience programs
