Even under a low emissions scenario - whereby timely action will see emissions start to fall and reach zero by 2100 - the costs of natural disasters will rise to at least A$73bn ($53bn) annually by 2060, or 4% of Australia’s GDP in 2020.
Shanghai’s low-cost inclusive supplementary health insurance scheme, called huhuibao, has seen claims pile up to CNY128m ($20m) in the first two months of its implementation, leading to questions about its sustainability.
The number of new life insurance policies in Japan has been recovering after falling when the COVID-19 pandemic erupted last year, says the life planning department of Toa Re.
Four Japanese life insurance companies have come together to support climate finance for developing countries. These life insurers have invested in 15-year green bonds issued by the World Bank to support the financing of climate projects in developing nations.
Digital transformation and technology rank as the biggest concern for global banks and insurers in the 2021 operational risk scenarios report published by ORX, the world’s largest operational risk association.