One of Turkey's largest insurers, Anadolu Sigorta, has introduced an innovative product that adds earthquake coverage to health insurance at a small premium. The product is the first in the insurance sector.
The Insurance Council of New Zealand yesterday released its preliminary figures for the 4-5 October Ohau fire, with NZ$34.8m ($24.1m) paid for insured losses.
The number of properties rendered uninsurable because of severe weather will almost double to 735,654 by 2100 from the current number of 383,330, according to a report produced for local government by analysis platform Climate Risk Engines.
Global insurance losses from the COVID-19 pandemic will be higher this year than the $107bn Lloyd's of London had previously estimated, chairman Bruce Carnegie-Brown said.
There has been an increase in frequency of Nat CAT events in Asia Pacific, according to S&P's latest report on top risks facing the industry.
The global modelled insured average annual loss from catastrophes worldwide is nearly $100bn, according to AIR Worldwide's 2020 Global Modeled Catastrophe Losses report. The 1% aggregate exceedance probability insured loss (or the 100-year return period loss) is nearly $301bn.
Climate change has been listed as a risk for the first time in the biannual financial stability report of US Federal Reserve. The report released on 9 November 2020 has cautioned about the potential for abrupt changes in asset values in response to a warming planet.
Many insurers and reinsurers recognise that proper understanding and integration of ESG factors is increasingly critical to the long-term viability of their businesses, says AM Best. However, overall, there is a marked lag between recognition of ESG risks and action being taken to mitigate those risks.
Four major domestic life insurance companies have announced that they will strengthen their commitments to Environmental, Social and Governance (ESG) investment in the second half of the fiscal year ending 31 March 2021 (FY2020), focusing on how the companies in which they invest address the environment and other issues.
The Australian Government has announced that it will commence work to establish the new National Resilience, Relief and Recovery Agency, as part of major reforms to be undertaken in response to the Royal Commission into National Natural Disaster Arrangements.