Industry Segments: Climate Page 14 / 27
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- March 16 2023
ICA calls for 10-year disaster funding over worsening extreme weather
The insurer body wants the government to extend the US$133m per year programme into a rolling scheme.
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- March 15 2023
Auckland floods initial loss estimate is over US$1bn: Perils
The unprecedented event is labelled as the largest weather-related insurance industry loss historically for New Zealand.
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- March 15 2023
Claims pile up from Malaysia flood losses as unseasonal rains continue
Loss adjusters have seen hundreds of claims, while agriculture damage already exceeds the overall losses in the state of Johor for 2022.
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- March 13 2023
La Niña has ended with chances of El Niño, says US agency
The average global temperature tends to be higher during El Niño, with scientists forecasting the summer of 2023 to be among the hottest globally.
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- March 6 2023
Auckland flood claims cross NZ$1bn: ICNZ
Insurers have received 48,000 claims from the North Island floods, while Cyclone Gabrielle claims lodged have reached 30,000.
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- February 28 2023
Tower’s reinstatement talks in progress for two more nat cat events
While the Auckland floods cost will be covered by reinsurance, Gabrielle claims are also likely to trigger the Kiwi carrier's cat reinsurance cover with an excess of US$7.3m.
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- February 27 2023
Flooding bill from Queensland, NSW hits US$3.9bn one year on: ICA
The dramatic summer 2022 flooding event was the costliest insurance event in Australia's history.
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- February 22 2023
Allianz Australia expands cyclone cover to Queensland and Western Australia
The insurer has extended cover to more cyclone-prone areas following its entry into the state-backed reinsurance pool.
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- February 22 2023
Cyclone Gabrielle claims ramp up pressure on New Zealand’s carriers
Insurers are being hit by inflation, rising reinsurance costs and unprecedented weather, including the country's largest event since the Christchurch earthquake.
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- February 16 2023
Insured losses from Cyclone Gabrielle, Auckland floods to exceed 2022 nat cat total: ICNZ
IAG New Zealand has already received 2,300 claims connected with the cyclone, mainly from Auckland, Northland, Waikato and the Bay of Plenty.
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- February 16 2023
Allianz sees claims from cyclone pool after Gabrielle hit Norfolk Island
The storm caused minor damage to the external territory before it slammed New Zealand.
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- February 15 2023
Covid, nat cat woes continue at Japan’s ‘big three’
Net profits at Tokio Marine fell 27.4%, with Sompo Holdings declining 79.5% and MS&AD dropping 57% for the first nine months of FY 2022.
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- February 14 2023
First claims lodged as Cyclone Gabrielle wreaks havoc
New Zealand has declared a state of emergency as the cyclone hits homes, roads, vehicles, air traffic and the power grid.
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- February 14 2023
IAG, Suncorp and Tower receive over 37,000 claims from Auckland floods
IAG has seen over 21,000 claims, Suncorp more than 11,500 and Tower over 4,800, from the event which started January 27.
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- February 14 2023
Asia flood losses to worsen amid data deficit
(Re)insurers are feeling the heat from record rainfall events and fast-evolving climate risk scenarios.
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- February 13 2023
Powerful Cyclone Gabrielle hits New Zealand
The strongest storm in decades is causing widespread damage to North Island, which is recovering from recent flooding that is expected to cost insurers and reinsurers over US$600m.
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- February 9 2023
Tower ‘likely’ to buy reinstatement cover as Auckland floods set to trigger reinsurance
The New Zealand carrier has so far seen over 4,800 claims from the weather event and has a cat excess of US$7.5m.
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- February 3 2023
Australia disaster funding under an independent review
Led by Andrew Colvin of Deloitte, the review evaluates government investment in disaster risk reduction and resilience.
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- February 2 2023
20,000 claims lodged from Auckland flooding: ICNZ
A ICNZ spokesperson has told IAN that the number of claims "will continue to rise" from the "biggest climate event to have ever hit" New Zealand.
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- February 1 2023
New Zealand’s insurers reel from country’s ‘worst-ever’ climate catastrophe
As adjusters start work, hundreds of million of dollars of claims are expected, including significant commercial damage.
