The insurance industry should be prepared to experience total annual insured losses, from natural catastrophes and crop, of well more than $151bn on average, says Verisk, a New Jersey-headquartered global data analytics and risk assessment company.
The Insurance and Private Pension Regulation and Supervision Agency (SEDDK) has published a circular requiring insurance companies to submit the parameters of the earthquake stress tests they plan to conduct.
Global reinsurers will seize the opportunity to deploy more capital over the next two years, within strict limits, says S&P Global Ratings (S&P).
In 2023, there were 85 combined Nat CAT and manmade disasters in Asia, according to Swiss Re's sigma report, Natural catastrophes in 2023: Gearing up for today's and tomorrow's weather risks. The economic loss, the report said, was $49.6bn, of which $7.8bn was insured.
Compulsory earthquake insurance should be offered automatically to all homeowners in Turkiye with a sufficient level of coverage, a senior insurance executive has suggested.
Steeper home insurance premiums have caused the number of Australian households experiencing home insurance affordability stress to rise by 30% to 1.6m in the past year, a new report published by the Actuaries Institute shows.
The inconsistent performance of buildings during the 2023 Kahramanmaras earthquakes in southern Turkey has again highlighted the issues of enforcement of the building regulations, according to a recent blog published by the Global Earthquake Team at Moody's.
Taiwan's basic residential earthquake insurance scheme had a coverage of 38.6% as of 31 July 2024, based on 9.32m households islandwide, indicating that more than 60% of homeowners are still uninsured.
Educating the public about the importance of insurance must be approach in a more integrated way, according to Mr Uger Gulen, president of the Insurance Association of Turkiye (TSB).
The Turkish Catastrophe Insurance Pool (TCIP) has disclosed that the compulsory earthquake insurance (ZDS) rate in the country is currently 57%, with the number of insured residential properties exceeding 11.3m.