The Australian government is establishing the Insurance Affordability and Natural Hazards Risk Reduction Taskforce as part of the federal budget to develop an integrated, cross-government approach to minimising the impacts of disaster on the community and help address insurance costs driven by more frequent and intense weather events.
Across Asia, market conditions were mixed, with renewal outcomes varying by line of business. Natural catastrophe property risks remained challenged. Financial Lines saw a general softening, says Aon in its "Q1 2024 Global Insurance Market Insights Report" released last week.
Tunis Re, the locally-incorporated reinsurer with a leading position in the Tunisian reinsurance market, is working on adopting and developing technology, including a massive data management project, according to Ms Lamia Ben Mahmoud, CEO of the reinsurer.
A leading Islamic financial institution, Kuwait Finance House (KFH), has signed the first-of-its-kind Global Takaful Alliance agreement with the United Nations Development Programme (UNDP).
The Insurance Council of Australia (ICA) has disclosed that the April storms that battered New South Wales caused A$176m ($117m) in insured damages, with over 95% attributed to property damage.
The Insurance Federation of Egypt (IFE) is reviewing the role of life insurance companies in dealing with the risks of climate change and ways to improve their functions in this arena.
General insurers in Japan have paid out a cumulative JPY84.89bn ($540m) in claims as of 26 April 2024 for the 1 January Noto Peninsula Earthquake, announced the General Insurance Association of Japan (GIAJ).
Insurance brokers estimate that approximately 100,000 vehicles in the UAE were affected by the rains in April, with the number equivalent to the cumulative total of the past 12 years.
Some insurers in the UAE have increased premiums for losses arising from NAT Cat, while others are still considering adjustments in rates and will do so in the near future.
The Caisse Nationale de Mutualité Agricole (CNMA), which dominates the agricultural insurance market, is preparing to launch "very soon" a product covering crops for climate change risks, such as drought and floods.