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.
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.
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.
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.
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.