Insurers have paid compensation amounting to over CNY206m ($28.5m) as of the end of April 2024 for losses caused by heavy floods in Guangdong last month.
Payouts on claims arising from the 1 January magnitude-7.5 Noto earthquake remain ongoing with the total insured loss, as estimated by the General Insurance Association of Japan (GIAJ), tentatively expected to exceed JPY100bn ($660m), says Aon.
Changing the risk profile of communities exposed to extreme weather in Victoria requires action to make homes, businesses, and communities more resilient to extreme weather, by shifting what is build and where it is built, according to the Insurance Council of Australia (ICA).
The overseas branches of South Korean insurance companies saw their combined net income turn to red last year, according to the Financial Supervisory Service (FSS).
While preliminary estimated insured property losses arising from the floods in April in the UAE are likely to exceed US$650m, they could reach as high as $850m, with the most affected emirate being Dubai, says Guy Carpenter, a leading global risk and reinsurance specialist.
By 2120, around a quarter of China's coastal land could be below the sea-level according to a research paper published in the scientific journal Science.
Asian governments, regulators and businesses need to sustain collective commitment and action, strengthen climate disclosures and support the de-risking and viability of transition financing to fully play their regional role in the global effort to reach net zero according to Monetary Authority of Singapore (MAS).
The Insurance Council of New Zealand (ICNZ) has endorsed findings that New Zealand needs to act decisively in the face of natural hazards risks to ensure insurance is affordable and available in the future.
The provinces of Guangdong, Guangxi, and Jiangxi are among the worst affected by persistent heavy rainfall that triggered severe floods across southern China on 19-23 April, says Aon in its latest "Weekly Cat Report".
Malawi, Mozambique, Zambia and Zimbabwe are likely to receive insurance payouts from African Risk Capacity (ARC) as they are severely affected by the current drought, according to early projections from ARC's season monitoring tools.