Industry Segments: Flooding Page 4 / 10
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- May 2 2024
Australia’s FY 2023 nat cat insured losses at US$850m: ICA
Despite the year-end catastrophes, incurred claims in 2023 dropped 78% to AU$1.76bn, and claims recorded were 57% lower compared to 2022.
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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 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 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
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
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- April 4 2024
Australian local government association calls for doubling US$130m disaster fund
Over 300 applications seeking AU$460 million in mitigation projects were submitted in 2023, indicating the federal government's AU$200 million funding is "vastly insufficient", the association said.
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- April 2 2024
Floods, drought drive APAC economic loss to US$65bn in 2023: Aon
The protection gap for the region stood at 91%, with only US$6bn of economic losses covered by insurance, which is below the 21st-century average of US$15bn.
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- March 27 2024
China expands national nat cat pool to cover perils beyond earthquakes
The nat cat insurance mechanism will now also include typhoons, floods, torrential rains, mudslide and landslide, it will double limits per household, as well as support commercial cat cover.
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- February 20 2024
IAG New Zealand CEO tells Kiwis to stop building homes in dumb places: report
The country’s largest insurer said that properties built in high-risk areas may see higher-than-average premium increases.
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- February 15 2024
MIC Global partners WRMS to offer parametric flood cover for India’s gig workers
The Lloyd’s player’s micro-insurance product will cover against financial impacts from extreme weather events.
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- February 7 2024
Lao renews parametric flood cover from Seadrif Insurance with lower thresholds
The parametric policy, which was first purchased by the government in 2021, as been expanded from 2 levels to 4 levels and thresholds lowered, providing flexibility to address varying risk scenarios, the Asean insurance platform said.
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- February 5 2024
ICA proposes waiving US$3.9bn state taxes to tame Australia’s flood risks
Chief executive Andrew Hall suggested abolishing insurance annual state taxes, which stand as the second-largest component of home premiums after pricing of flood risk.
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- February 2 2024
Perils raises Auckland floods insured loss estimate to NZ$2.2bn
Nearly 70% of the property loss was from personal lines, according to the loss aggregator's final tally, which is 12% higher than its August 2023 estimate.
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- January 31 2024
ICA calls for US$329m budget funding to boost resiliency against floods
Building on the 2022 schemes for NSW and Queensland, the new funding should be equally shared between federal and state budgets to move 750 families out of danger zones.
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- January 29 2024
Queensland on alert as cyclone Kirrily’s remnant bands linger
Suncorp says it has received over 500 claims from customers impacted by the cyclone, almost all home claims.
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- January 23 2024
Australia braces for rainstorm, floods as cyclone Kirrily heads to Queensland
The second tropical cyclone to hit the country's eastern coast in as many months is forecast to bring intense rainfall that may lead to 'life-threatening flash flooding', according to the Bureau of Meteorology.
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- January 18 2024
Non-peak perils source of insurers’ primary portfolio risk: Gallagher Re
Flooding from remnants of typhoon Doksuri in China makes it the costliest weather event of last year, with US$18.5bn in economic losses.
