S&P Global Ratings (S&P) says that it is too early to assess the full financial impact of the floods ravaging the UAE over the past week and that therefore, negative rating actions are unlikely at this time.
AM Best expects the recent extreme weather that caused severe flash flooding in the United Arab Emirates (UAE) to prompt swathes of claims for motor, property, and business interruption insurers in the region.
The combined ratio of property and casualty insurance companies increased in 1Q2024 because of higher claims paid for damage from weather events such as snow and frost, say insurance industry analysts.
The government is bringing the earthquake-prone building review forward, with work to start immediately, and extending the deadline for remediations by four years, according to building and construction minister Chris Penk.
The Insurance and Pensions Commission (IPEC) says Zimbabwe should explore innovative solutions to help mitigate the impact of climate change-related risks and build resilience against its associated disasters.
Insurance companies will be apprehensive of potential exposure from claims filed by private homes and businesses impacted by the severe flooding in Oman since 14 April.
The 3 April magnitude-7.2 Hualien earthquake has led to at least 472 insurance claims and resulted in losses amounting to at least NT$762m ($23.5m) as of 8 April, according to the Taiwan Residential Earthquake Insurance Fund (TREIF).
The El Nino phase is weakening after a peak in November 2023, says global reinsurance broker Gallagher Re in its " Australian Autumn Climate Outlook" report.
Both, people and planet, face the triple whammy from insurance companies underwriting and investing in projects that are increasing global warming, damaging the natural environment and failing to protect human rights according to a new investigation report.
Zurich Insurance Group will no longer underwrite new oil and gas projects and is cracking down on clients planning to expand in metallurgical coal mining.