Subject: Climate Page 5 / 28
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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.
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- July 8 2024
Insurers tap voluntary carbon market as Asia set to plug supply shortfall
With the global market projected to reach US$1trn by 2037, carriers are seeking ways to meet the growing demand for managing climate risks and consider the region crucial in bridging the carbon credit gap.
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- July 1 2024
Third loss estimate for Australia Christmas storms exceeds US$1bn: Perils
The bulk of the loss was incurred by personal lines property losses, followed by commercial lines property and motor losses.
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- July 1 2024
New Zealand Treasury set to review levy settings for Natural Hazard Fund
The review comes amid a name change of the Earthquake Commission (EQC) as Natural Hazards Commission Toka Tū Ake,
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- June 30 2024
China revises emergency response law to alleviate nat cat shocks
The revised law calls for the establishment of a nat cat risk insurance system based on market principles, and instruct local governments to take out personal accident insurance for rescue teams.
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- June 24 2024
ICA welcomes building ministers’ commitment to climate resilience
Decision to include building resilience as part of Australian Building Codes Board's objectives paves the way for stronger new homes that can withstand disasters and could help save US$2.7 billion building costs per year.
