Over its blitz to engage members of the public and raise awareness of insurance in the Northern Province, Sri Lanka's insurance regulator, the Insurance Regulatory Commission of Sri Lanka (IRCSL), iterated its commitment to upcoming initiatives.
Climate risk has become "a recurring theme" in the insurance market, according to Aon's Head of Commercial Risk Solutions for APAC, Terence Williams.
The Insurance Development Forum (IDF), a public-private partnership that aims to close insurance gaps, has released a new paper, addressing the growing divide between insured and uninsured losses from natural disasters.
Over two thirds of the participants in a survey in New Zealand are of the opinion that natural hazards such as earthquakes, flooding, and sea level rise have a significant impact on their property insurance premiums.
Filipino farmers have received an initial insurance payout of around PHP571.3m (US?$9.67?m) from the country's Crop Insurance Corporation to accelerate recovery from the effects of recent storms, Fung-wong and Kalmaegi.
In a circular letter, the Insurance Commission (IC), the regulator of the Philippines, ordered all insurance companies and related entities to undertake the following measures whenever a state of calamity is declared in the country:
The Actuarial Society of South Africa in collaboration with Old Mutual Insure have launched the country's first national climate index, that will help insurers, financial institutions, and other stakeholders better understand climate-related risks and make more informed decisions.
The Natural Hazards Commission (NHC) Toka Tu Ake of New Zealand has awarded 13 new research projects to boost natural hazards resilience in the country.
Over 14,200 small-scale fishers, across 24 coastal municipalities in the Philippines will soon be covered through country's first parametric insurance solution for small scale fishermen. The cover will mitigate income losses resulting from adverse weather conditions that prevent safe fishing in nearshore waters.
While Australia's Cyclone Reinsurance Pool (CRP) has contributed to reducing pressure on insurance premiums in Northern Australia, a greater focus on climate resilience and mitigation is still required to put sustainable downward pressure on insurance costs according to the Insurance Council of Australia (ICA).