Subject: Climate Page 5 / 28
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- August 23 2024
IAG releases climate action plan to meet FY 2030 emissions reduction targets
The carrier is focusing on phasing out underwriting for entities that are predominantly in the fossil fuels businesses and identifying, assessing and integrating climate resilience, decarbonisation, and other sustainability criteria, into its decisions.
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- August 22 2024
Climate change exposes banks to ‘silent’ risks as insurance gets more unaffordable: Aon
Banks can leverage on tools and datasets that insurers have been using for pricing climate risks. Alternative risk transfer tool such as parametrics can also provide additional protection, the broker said.
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- August 21 2024
NFRA seeks to improve nat cat response through new insurance assessment system
The assessment system is intended to improve the country’s response mechanism based on different grading of natural catastrophes, according to the P&C insurance supervision chief.
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- August 21 2024
HDI Global targets bigger market share in Asia, further regional ANZ expansion in H2 2024
The industrial lines specialist reported strong growth across its Australia and Singapore branches driven by a growth in new business and inflation-related price adjustments in the first half of the year.
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- August 20 2024
La Niña arrival likely delayed till October, say climate agencies
The Australian weather bureau noted that conditions continue to be ENSO-neutral and the extent and magnitude of cool water have decreased since last fortnight.
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- August 19 2024
Insured losses in 2023-24 flat at US$1.5bn, but number of claims lodged jumped 73%: ICA
The costliest event was the Christmas and New Year storms that hit Queensland, New South Wales and Victoria in December 2023 which caused US$900m in insured losses and nearly 100,000 claims.
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- August 16 2024
Nat cat risk pool, parametrics can improve China’s climate resilience: Ping An Insurance
In a jointly-issued report, China's second P&C insurer has put forward a range of recommendations on how authorities can work with the sector to mitigate disaster risks.
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- August 15 2024
ICA, Planning Institute of Australia urge governments to overhaul land use planning
In a joint communique, the two industry bodies urge state, local and the federal governments to step up reforms to tackle the country's growing housing challenges compounded by extreme weather risks.
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- August 15 2024
‘Impact insurers’ run into capacity, distribution hurdles in Asia
Public partnerships, people-centric design and tech solutions are needed for parametrics to be a part of the region’s relief capital mix and to close the protection gap.
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- August 7 2024
Munich Re, SBI General Insurance to lead Indian state’s parametric rainfall cover
The Nagaland State Disaster Management Authority has appointed the two as the lead reinsurer and insurer to enhance the North-Eastern Indian state's resilience against excess rainfall.
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- August 5 2024
Axa debuts parametric heatwave cover for Hong Kong, Macau outdoor workers
Insured individuals are eligible to receive a payout of US$12.9 each, or an ‘anti-heatwave kit’ of an equivalent value, without the need to submit claims or prove damage or loss.
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- July 26 2024
Opinion: China’s onshore oil & gas expansion throws spotlight on risks for insurers
With China's new exploration projects, questions remain over which (re)insurers will benefit at a time when the backlash against failure to exit from fossil fuels underwriting grows louder.
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- July 19 2024
Noto earthquake, China floods among costliest H1 2024 economic loss events: Aon
The Noto earthquake remained the costliest event of the year to date in terms of total economic losses with more than U$17bn in direct damage, according to the broker's new cat recap report for the first six months of the year.
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- July 19 2024
South Korea’s ‘heaviest-in-200-years’ rain to lead to motor, crop losses
The event is likely to see reinsurers introduce coverage limits for parking lots and trigger pay-outs from the government’s agricultural and fishery disaster reinsurance program.
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- July 18 2024
Market dynamics positive despite geopolitical, climate risks headwinds
Severe weather events, projected to rise by 5-7% every year, geopolitical unrest, and supply chain disruption are the main systemic perils that put pressure on the insurers, according to SwissRe Corso CUO Kera McDonald.
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- July 18 2024
Asia reports lower than average economic losses due to perils in H1 2024: Gallagher Re
An active first half of 2024 saw the global economic losses at US$128bn, close to the decadal average at US$133bn.
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- July 17 2024
Malaysian Re proposes new global climate models in assessing South-East Asia climate risk
The company's most recent report suggests that newer climate models, which acknowledge global warming, may be more effective in predicting climate losses than legacy models that only rely on historical weather data.
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- July 16 2024
ICNZ calls for proactive approach on climate adaptation
The council has urged the government to take a leadership role on climate adaptation and build New Zealand’s resilience against the impact of climate change on lives and property.
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- July 15 2024
China’s nat cat economic losses hit US$13bn in H1 2024 as flood claims rise
95,000 claims from the intense rain across eight southern China provinces have reached CNY3.21bn, according to NFRA's latest data.
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- July 12 2024
Asia Pacific reinsurance market finds a new equilibrium
While the market is ‘finely balanced’ for now, its sustainability will depend on the loss activity in the remaining six months of 2024, according to reinsurance experts and analysts.
