Filipino farmers have received an initial insurance payout of around PHP571.3m (US?$9.67?m) from the country's Crop Insurance Corporation to accelerate recovery from the effects of recent storms, Fung-wong and Kalmaegi.
In a circular letter, the Insurance Commission (IC), the regulator of the Philippines, ordered all insurance companies and related entities to undertake the following measures whenever a state of calamity is declared in the country:
The Actuarial Society of South Africa in collaboration with Old Mutual Insure have launched the country's first national climate index, that will help insurers, financial institutions, and other stakeholders better understand climate-related risks and make more informed decisions.
The Natural Hazards Commission (NHC) Toka Tu Ake of New Zealand has awarded 13 new research projects to boost natural hazards resilience in the country.
Over 14,200 small-scale fishers, across 24 coastal municipalities in the Philippines will soon be covered through country's first parametric insurance solution for small scale fishermen. The cover will mitigate income losses resulting from adverse weather conditions that prevent safe fishing in nearshore waters.
While Australia's Cyclone Reinsurance Pool (CRP) has contributed to reducing pressure on insurance premiums in Northern Australia, a greater focus on climate resilience and mitigation is still required to put sustainable downward pressure on insurance costs according to the Insurance Council of Australia (ICA).
Insurers tightening policy wordings, raising premiums and, in some cases, withdrawing from high-risk regions as traditional insurance models are tested by new and intensifying perils, according to a new report by Global Insurance Law Connect (GILC).
The conversation around flood risk in the (re)insurance industry is "shifting from response to proactivity", according to Dr Andrew Smith, COO of Fathom, a water and climate information company.
A new report by the International Association of Insurance Supervisors (IAIS) examines the potential financial stability implications of natural catastrophe insurance protection gaps.
Johannesburg-headquartered Risk Capacity (ARC) has unveiled its ARC Retakaful Waqf Facility (ARC ReTak), a non-profit, Shariah-compliant initiative expanding climate protection to underserved communities across Africa.