The Treasury has started a consultation exercise on standardising natural hazard definitions and reviewing standard cover for insurance contracts, says assistant treasurer and minister for financial services Stephen Jones
Since 27 February, parts of southwestern Asia, including Pakistan, south-eastern Iran and Afghanistan, have experienced heavy precipitation that resulted in casualties and material damage, according to Aon in the 8 March edition of its "Weekly Cat Report".
The Insurance Federation of Egypt (IFE) is studying various options to arrive at the optimal business model for a natural disaster pool that it plans to establish.
Africa Specialty Risks (ASR) has formed a landmark parametric reinsurance partnership with a leading European reinsurer, to increase its coverage for vulnerable populations and economies in Africa and the Middle East.
The Hong Kong Federation of Insurers (HKFI) has officially rolled out the Insurance Industry Climate Charter (Climate Charter).
Listed general insurer Tower plans to offer parametric insurance across five Pacific territories by the financial year ending 30 September 2025 (FY2025), said Tower chairman Michael Stiassny.
The Government Council has passed a draft decree that contains provisions concerning the determination of the maximum duration of a disaster depending on its nature, as well as to consider any event occurring after this period as a new disaster, in line with international standards.
A new analysis of 36 countries/markets by Swiss Re Institute ranks the Philippines as the most economically exposed among them today, where hazard intensification is likely to occur due to climate change.
The government of New South Wales (NSW) in Australia will now have its first-ever State Disaster Mitigation Plan (SDMP).
Despite efforts to mitigate the effects of climate change, companies are not set up for success due to conflicting national and sectorial targets and differing availability of abatement options according to a new study.