Severe weather has affected large portions of Southwestern Asia in recent days with the impacts reported in Afghanistan, Pakistan, Oman, the UAE, and elsewhere across the region, says Aon in its "Weekly Cat Report" for the week ended 19 April 2024.
Global insured losses from Nat CAT events in Q1 2024 were minimally estimated at $20bn, heavily driven by severe convective storm (SCS) activity in the US according to a new report.
Climate change will reduce future global income by about 19% in the next 25 years with the poorest areas and those least responsible for heating the atmosphere taking the biggest monetary hit according to a new study.
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).