Climate Insurance
FM Global stresses insurance readiness amidst extreme weather in Asia
FM Global stresses insurance readiness amidst extreme weather in Asia
La Niña could emerge weakly in late 2024 and early 2025.
HKU Business calls to advance climate insurance in Hong Kong
Asset losses from sea level rise could surpass those caused by typhoons.
Flood insurance market set to grow at 14.5% CAGR by 2032
The region is expanding rapidly due to urbanisation.
Climate change drives $600b in insured losses over 20 years
28 leading global insurers saw climate-related losses reach $10.6b.
Insurers shift focus to more specific climate-related issues
Sustainability-focused frameworks in underwriting practices have grown by 120% since 2022.
Climate change alters insurer risk management: S&P
Secondary perils have caused the reinsurance industry to regain capital in 5 of 6 years.
Flood infrastructure saves 10x rebuilding costs
Climate change is expected to drive up these losses further.
PCRIC, WTW enhance pacific disaster coverage
PCRIC will provide coverage against tropical cyclones, heavy rain, earthquakes, and tsunamis.
2024 insured losses exceed decade average at $108b
Total economic losses for the first three quarters reached ~$280b.
Milton’s $50b losses won't impact rated insurers: Fitch Ratings
This will bring 2024’s total global insured losses to over $100b.
Hurricane Milton could add to insurers’ $60b NatCat losses in 2024
Global reinsurers could see their claims payouts rise.
SEADRIF issues $3m payout to Laos
Donor governments include Japan and Singapore.
Super Typhoon Yagi triggers IFRC insurance policy
Thanks to disaster relief demands in 2024 surpassing the fund’s $40m threshold.
SEADRIF allocates $750k for Lao flood relief
The payout was initiated on 20 September, just five days after severe flooding.
Typhoon Yagi triggers reinsurance reassessment in Vietnam
Business interruption claims are expected to be manageable.
Parametric insurance market set to double by 2033
The manufacturing sector held the largest share of the market in 2023.
S&P warns of strained profitability for insurers due to climate events
Last year was the fourth straight year insured losses surpassed $100b globally.
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