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.
International reinsurers are starting to categorise the Middle East as a Nat CAT hot spot, given the increased frequency of natural hazards in the region in recent years, according to Apex-Egypt Reinsurance Brokerage managing director Khaled El-Sayed.
Winter storms in February and massive floods in April in China have intensified attention on natural catastrophe insurance, particularly multi-hazard coverage.
According to the PERILS Industry Exposure Database (IED) 2024, the impact of inflation on insured exposures "continues to be visible". For instance, the PERILS IED for wind Japan remained stable in terms of JPY with y-o-y growth in "low single digits". However, when compared to the USD, the sums insured represented a decline of 5.1% y-o-y due to the appreciating dollar.
Climate change and land-use change could become the main drivers of biodiversity decline by mid-century according to a new study.
Even rocks from space are not immune to climate change. Antarctica has yielded around 60% of some 80,000 meteorites that the scientists have collected to date, however, the melting ice of the continent is taking most of the meteorites there into deep waters of the ocean.
The Indian Ocean is expected to experience accelerated surface warming of 1.4 degrees Celsius to 3 degrees Celsius between 2020 and 2100, which will push it into a near-permanent heatwave state. It will also intensify cyclones, affect the monsoon and lead to a rise in sea levels according to a new study.
Ongoing economic development and rapid urbanisation will result in further accumulation of infrastructure and private assets that need to be insured, including against natural catastrophe risks, says Swiss Re Institute (SRI).