The Bank for International Settlements (BIS) and the Monetary Authority of Singapore (MAS) have developed a blueprint for a platform that integrates regulatory and climate data to help financial authorities identify, monitor and manage climate risks in the financial system.
Secondary perils can no longer be regarded as secondary concerns as they are becoming pivotal factors to consider in the global risk landscape, says a blog posted on the website of the global law firm, Norton Rose Fulbright.
Total insured losses arising from the 2024 Gulf Floods event are estimated to exceed $1.6bn and could reach as high as $2.4bn for the UAE, of which Motor represents ~10%, according to an analysis by Guy Carpenter, with information available as of 30 May 2024.
The Insurance Council of New Zealand (ICNZ) is calling for the Fast-Track Approvals Bill to bolster resilience and ensure development projects safeguard people and property against natural hazard risks such as flooding.
Minister of Treasury and Finance Mehmet Simsek has announced that Türkiye's compulsory earthquake insurance scheme, the Turkish Catastrophe Insurance Pool (TCIP) will be expanded to cover other disasters including flood, landslide, storm, hail, avalanche and forest fire.
Insurance companies in Egypt should establish a special department within their organisations to handle natural disaster management, according to insurance broker Ihab Kader.
S&P Global Ratings (S&P) says that it's too early to assess the full financial and ratings impact on South Africa's insurance sector of last week's extreme weather events in the South and East regions.
The UAE general insurance industry is set to grow at a compound annual growth rate (CAGR) of 4.7% from AED37.8bn ($10.3bn) in 2024 to AED45.5bn in 2028, in terms of gross written premiums (GWP), forecasts GlobalData, a data and analytics company.
Vehicle owners have been complaining about the refusal of insurance companies to write off, as total losses, vehicles that had been damaged in recent floods.
SEADRIF Insurance Company has selected Gallagher Re, a leading reinsurance broking and advisory firm, to provide reinsurance broking and risk advisory services.