Insurance claims from losses suffered from severe floods in Henan province are expected to exceed CNY8bn ($1.23bn) or about 0.7% of China's total non-life direct premiums written in 2020, Fitch Ratings says.
Japanese corporates can now avail parametric earthquake insurance using the compact seismograph, ACCURA certified by the Japan Meteorological Agency.
The insurance industry has received at least 360,000 claims, with an estimated loss of CNY9.2bn ($1.4bn) to date, because of massive once-in-1,000-years floods that have hit several parts of Henan province for more than a week.
The massive floods currently ravaging Henan Province in China are estimated to have cost economic losses of about CNY1.2bn ($186m) to date.
Global natural disasters in the first half of 2021 caused total economic of approximately $93bn - 32% lower compared to the 10-year average of $136bn - according to preliminary estimates by Aon. Meanwhile, insured losses were estimated at $42bn - 2% higher than the 10-year average ($41bn).
The Singapore College of Insurance (SCI) is organising the first-ever ASEAN research hackathon on green insurance and sustainable risk management, in collaboration with the ASEAN Insurance Council. Registration to take part in the event is now open.
California wildfires caused more than $4bn in commercial property losses for insurers in three of the past four years according to a new report by AM Best. The new report 'Weather Conditions Portend Another Destructive Year of Wildfire Losses' examines the worsening severity and frequency of wildfire events in California. It expects that 2021 fire losses could be even greater.
The pathway to tackle climate change is clear - reduce CO2 emissions on a priority and then any unavoidable emissions need to be removed from the atmosphere and stored permanently according to a new report by Swiss Re Institute.
Leading insurer Great Eastern is deepening its commitment towards being a sustainability-driven company in the financial services sector with the launch of the first green life insurance product in Singapore - GREAT Green SP.
The Green and Sustainable Finance Cross-Agency Steering Group has announced the next steps to advance its collaborative strategy to bolster Hong Kong's position as a leader in green and sustainable finance and help transition the financial ecosystem towards carbon neutrality.