Subject: Climate Page 9 / 30
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- May 13 2024
New South Wales pushes insurance monitor bill to lower premiums for consumers
The state government is seeking to ensure that the goals of emergency services levy reform, including lower premium and punishing price exploitation, are met through new rules and amendment.
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- May 10 2024
US carbon credit carrier Oka expands to Australia through partnership with Clima
The partnership will be brokered by PSC Paragon and will support clients' efforts to meet net zero targets and enter voluntary carbon market through climate disclosure and decarbonisation.
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- May 7 2024
CelsiusPro launches parametric climate risk insurance for Indian women workers
The index-based product offered in partnership with Howden Insurance Brokers and Go Digit, provides financial protection against extreme heatwaves for women working in India's informal sectors.
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- May 6 2024
Local expertise and investors key to Hong Kong’s cat bond hub ambitions
Rising climate risks in the greater China region highlight Hong Kong's potential as an ILS hub, but an informed pool of investors and professional services ecosystems are important to grow the market further.
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- May 6 2024
Australian cyclone pool’s aggregate building exposure exceeds US$1trn
Approximately 95% of the market in terms of premium has joined the ARPC as of December 31 with a total quarterly premium of US$156m.
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- May 6 2024
El Niño-aggravated extreme heat threatens Vietnam: national weather agency
The temperature in two towns reached 44 degrees Celsius last week and May weather is expected to be 1.5 to 2.5 degrees higher than in previous years, says National Centre for Hydro-Meteorological Forecasting.
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- April 30 2024
China’s insurers see US$96.5m in reported claims from week-long Guangdong rainstorm
As of April 28, a total of 34,700 cases were filed to insurers in the southern province of China and the carriers have paid out a third of it amounting to US$28.4m.
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- April 30 2024
APAC accounts for nearly half of global economic losses in Q1 2024: Aon
The global (re)insurance sector is bracing for an "extremely active" Atlantic hurricane season driven by record-breaking land and ocean temperatures.
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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
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 17 2024
El Niño has ended, says Australia’s Bureau of Meteorology
The US National Oceanic and Atmospheric Administration said that there’s a 60% chance that La Niña will develop by June–August, which could mean a more active Atlantic hurricane season.
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- April 15 2024
HK Insurance Authority courts Chinese insurers, municipalities to grow cat bond hub
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 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 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.
