The insurance industry is urging the Insurance Commission (IC) anew to postpone the mandated increase in their minimum capital set for this yearend, saying many companies are still far from meeting the higher requirement.
The Office of Insurance Commission (OIC) is looking into establishing a National Insurance Bureau (NIB), whose function would be similar to those of credit bureaux.
The Insurance Council of Australia (ICA) has welcomed the confirmation of A$741m ($518m) in additional funding in the State Budget handed down yesterday to better protect Queensland homes and communities from the impact of extreme weather.
Fewer than a quarter of the 200 largest worldwide insurers have 'truly digitalised the value chain' according to a new study by ACORD, the standards-setting body for the global insurance industry.
Businesses should prepare for a rise in civil unrest as the cost-of-living crisis follows hard on the heels of the COVID pandemic, according to a new report by Allianz Global Corporate & Specialty (AGCS) .
Climate change, if left unchecked, could cost the global economy $178tn over the next 50 years according to a report by Deloitte.
Thawing permafrost and quantum computing lead the emerging risks facing companies and their insurers according to Swiss Re's latest SONAR report. The global reinsurer said that climate change is creating 'a new generation of emerging risks'.
China has launched a new strategic plan to enhance its climate resilience, putting emphasis on adaptation and mitigation in the face of global climate change. China had first issued a national climate change adaptation strategy in 2013.
Vanuatu has declared a climate emergency, with the low-lying island nation's parliament flagging a $1.2bn cost to cushion climate change's impacts the island nation.
The government has allocated ZAR22bn ($1.4bn) for the South African Special Risk Insurance Association (Sasria) in the current financial year to assist the insurer in settling claims and guaranteeing that it has adequate capital to fulfil regulatory requirements.