Insurers paid NZ$167.6m ($104.1m) to support their customers recover from severe weather events last year, according to updated data released by the Insurance Council of New Zealand (ICNZ).
Insurers in India and Bangladesh already overwhelmed by the impact of COVID-19 on their operations and businesses are now facing a bigger challenge in dealing with the claims arisng from super cyclone Amphan that has destroyed large tracts of land and property in eastern India and southern Bangladesh.
After several years of declining rates, commercial insurance buyers are seeing prices go up to prices not seen in almost two decades, compounding the issues they may already face due to the coronavirus crisis.
The European Commission should create an European Union-based resilience framework to provide insurance cover for catastrophes such as pandemics and huge cyber attacks, the Federation of European Risk Management (FERMA) said on Tuesday.
Australia can no longer operate its bushfire insurance regime based on the current Pure Actuarial Fairness model, says a report which forms part of the research of the Practical Justice Initiative at the University of New South Wales led by Professor Jeremy Moss.
Super cyclone Amphan that tore into coastal parts of eastern India and Southern Bangladesh on 20 May has wreaked havoc along a large part of the coastline, including the metropolitan city of Kolkata in India.
China approved nearly 10 gigawatts of new coal-fired power generation projects in the first quarter of the year, roughly equal to the total approved for all of last year.
Similar to other economic sectors in Algeria, the insurance sector is feeling the impact of the COVID-19 pandemic.
According to the recently released 2020 FM Global Resilience Index, several nations in Asia Pacific are well-positioned to foster a post-pandemic business recovery, due to having a solid foundation for resilience.
Lloyd's yesterday revealed that it expects to pay out in the range of $3bn to $4.3bn to its global customers as a result of the far-reaching impact of COVID-19, although losses could rise further if the lockdown measures continue into another quarter.