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Feb 2023



ASEAN: Challenges prevail in 2023 for insurers in the region

Insurers will continue to have to deal with regulatory and financial reporting changes, specifically the advent of IFRS17 and ESG reporting, said EY ASEAN insurance leader Brandon Bruce.

Australia: IAG reveals higher CAT reinsurance costs for 2023

Sydney-headquartered IAG has confirmed the renewal of its A$10bn ($6.95bn) catastrophe reinsurance coverage for 2023, agreeing to bear more damage in disasters in the face of pressure from reinsurers.

Vietnam: Government intent on developing safe, sustainable, insurance market

The Ministry of Finance aims to implement many solutions to achieve the goal of developing a safe and sustainable insurance market, meeting diverse insurance needs and ensuring social security this year.


Disasters compounded and cascaded in 2022

Asia Pacific, world’s most disaster-prone region, experienced major disasters in 2022 with floods being the deadliest accounting for 74.4% of disaster events in the region and 88.4% of total deaths globally.

Two out of three glaciers could be lost by 2100

With continued investment in fossil fuels, over 40% of the glacial mass will be gone and over 80% of glaciers by number could well disappear by 2100 according to research by a team of Carnegie Mellon University. At present world has around 215,000 glaciers.

Phishing and malicious email threats surge by 60%

The average cost of data breaches is expected to surpass $5m per incident in 2023 according to a new study by cyber security and data protection company Acronis.