A leading Islamic financial institution, Kuwait Finance House (KFH), has signed the first-of-its-kind Global Takaful Alliance agreement with the United Nations Development Programme (UNDP).
The Insurance Council of Australia (ICA) has disclosed that the April storms that battered New South Wales caused A$176m ($117m) in insured damages, with over 95% attributed to property damage.
The Insurance Federation of Egypt (IFE) is reviewing the role of life insurance companies in dealing with the risks of climate change and ways to improve their functions in this arena.
General insurers in Japan have paid out a cumulative JPY84.89bn ($540m) in claims as of 26 April 2024 for the 1 January Noto Peninsula Earthquake, announced the General Insurance Association of Japan (GIAJ).
Insurance brokers estimate that approximately 100,000 vehicles in the UAE were affected by the rains in April, with the number equivalent to the cumulative total of the past 12 years.
Some insurers in the UAE have increased premiums for losses arising from NAT Cat, while others are still considering adjustments in rates and will do so in the near future.
The Caisse Nationale de Mutualité Agricole (CNMA), which dominates the agricultural insurance market, is preparing to launch "very soon" a product covering crops for climate change risks, such as drought and floods.
The UAE insurance industry sees rising demand for comprehensive motor insurance in the wake of severe floods in recent weeks that submerged or swept away vehicles.
With the publication of annual reports in recent weeks, the world's three biggest reinsurers have indicated the quantum of claims incurred due to the massive February 2023 earthquake that hit Türkiye and Syria.
New nationwide research from insurers AMI, State and NZI reveals that climate concerns have grown to the point that 86% of people would now consider climate risk when choosing a home, compared to 55% only two years ago, said IAG New Zealand.