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Nat CAT tag returned 420 results

  • Japan: Non-life insurers maintain positive outlook in the face of Nat CAT losses

    Japanese insurers are under pressure to rebuild their reserves after deploying a sizeable portion in 2018 in what was a severe CAT year for the local market, revealed a new report by AM Best. Japan was rocked by a series of Nat CAT events last year which resulted in significant insured losses with the costliest being Typhoon Jebi.

    Asia | 22 May 2019
  • Australia: Insurance Council calls on new govt to look at tax reforms on insurance products

    Following the re-election of Australian Prime Minister Scott Morrison, the Insurance Council of Australia (ICA) CEO and executive director Rob Whelan has reiterated the council's commitment towards working with the Morrison government on implementing reforms from the Hayne Royal Commission. In a statement congratulating Mr Morrison and the coalition on the election victory, Mr Whelan has called upon the new government to renew the tax reform agenda, with a focus on encouraging the removal of inefficient and unfair state taxes and levies on insurance products.

    Asia | 21 May 2019
  • Cyber risks will soon be bigger risks than natural disasters

    SCOR chairman and CEO Denis Kessler has said that cyber risks will soon become bigger risks than natural catastrophes for the insurance sector. He has recommended that the industry build a comprehensive, common global scale to assess cyber-related incidents.

    Asia Risk | 15 May 2019
  • The insurance gap hasn't shrunk

    Cyclone Fani that devastated parts of India and Bangladesh in early May has again revealed a huge insurance gap in the South Asian region. The cyclone underscores the unpredictability of natural calamities and demonstrates that despite the pinpoint accuracy in tracking and predicting Nat CAT events, infrastructure remains woefully exposed to nature's onslaught.

    AIRPlus | 15 May 2019
  • Australia: Insurance costs to rise due to climate change

    The annual average risk costs of extreme weather and climate change to properties is projected to rise to A$91bn ($63.48bn) per year in 2050 and A$117bn per year in 2100, revealed findings from the Climate Council of Australia's report on the domestic costs of climate change. These costs will be reflected through higher insurance premiums and will primarily impact the same households that will experience the steepest losses in property values due to events caused by climate change.

    Asia | 14 May 2019
  • India: IRDAI directs speedy settlement of cyclone claims as losses could rise to $500m

    Insurance Regulatory and Development Authority of India (IRDAI) has directed general and standalone health insurance companies to ensure that all claims of the affected insured population in the cyclone Fani ravaged Odisha and neighbouring states are surveyed immediately and the payments disbursed at the earliest.

    Asia | 10 May 2019
  • Actuaries rank climate change as the top risk for 2019

    The 12th annual survey of emerging risks conducted by the Canadian Institute of Actuaries, Casualty Actuarial Society, and Society of Actuaries has ranked climate change as the top risk for 2019.

    Asia Risk | 08 May 2019
  • Nature's dangerous decline unprecedented; One million species at risk of extinction

    Nature is declining globally at rates unprecedented in human history - and the rate of species' extinctions is accelerating, with grave impacts on people around the world now likely, warns a landmark new report from the Intergovernmental Science-Policy Platform on Biodiversity and Ecosystem Services (IPBES), the summary of which was approved at the 7th session of the IPBES Plenary, meeting held from 29 April to 4 May in Paris.

    Asia Risk | 08 May 2019
  • India: Insurers prepare for claims from cyclone Fani

    Insurers are preparing to manage claims arising from an extremely powerful cyclone which battered the eastern Indian state of Odisha on 3 May causing extensive damage to property, vehicles, crops and the loss of at least 56 lives. According to risk modelling and data analytics firm AIR Worldwide, Fani is the equivalent of a strong Category 3 storm on the Saffir-Simpson Scale and is the strongest cyclone to make landfall in Odisha since Phailin in October 2013. Several news report have also labelled cyclone Fani as the worst storm in four decades affecting eastern India and neighbouring Bangladesh.

    Asia | 07 May 2019
  • Australia: ICA projects positive outlook for industry despite challenges

    Addressing the local general insurance industry at an Insurance Council of Australia (ICA) event recently, ICA chief executive Rob Whelan warned that the "raft of regulatory change" sweeping through the financial services sector will be game changing and general insurance will inevitably be impacted.

    Asia | 07 May 2019


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