The Shanghai property insurance industry has received at least 29,400 claims for over CNY500m ($71m) for losses caused by Typhoon Bebinca, the strongest typhoon to slam Shanghai since 1949, according to Shanghai Financial Regulatory Bureau.
The Australian Government's cyclone reinsurance pool has begun delivering lower premiums for some consumers in some regions facing higher risk of cyclones, according to a report released yesterday by the Australian Competition and Consumer Commission (ACCC).
The Insurance and Pension Commission (IPEC) plans to issue a sustainability guideline for insurers and pension funds in 2025,a move that it says will be a strategic milestone for next year.
With the increasing incidence of calamities such as floods, cyclones, and incessant rainfall in India every year, policymakers must think beyond existing disaster funds and develop an alternative risk mitigation framework, possibly through the PPP model, say the founders of a New Delhi-based policy think tank.
Al Fujairah National Insurance (AFNIC) has launched the region's first insurance product exclusively covering accidental loss or damage from Flood, Inundation, Storm, and Tempest for motorists with third-party liability insurance coverage.
The bulk of losses resulting from Typhoon Yagi claimed on Vietnam insurance companies is expected to be borne by domestic and international reinsurers, according to a new commentary by AM Best.
According to Aon's 2024 Climate and Catastrophe Insight, total economic losses in APAC hit $65bn in 2023. Of the total, only $6bn (9%) were insured losses.
The Insurance Council of New Zealand (ICNZ) is backing calls to speed up adaptation to climate change.
Turkiye's Compulsory Disaster Insurance scheme (ZAS) is set to be launched officially at the beginning of 2025.
S&P Global Ratings (S&P) says in a new report that it expects rated insurers can mitigate the risk arising from the increase in natural catastrophe-related claims through underwriting actions.