Türkiye is expected to suffer economic losses of around $300bn in the event of a major earthquake striking the country's commercial hub, Istanbul, the president of the Insurance Association of Türkiye (TSB), Mr Ugur Gulen, said.
A new integrated air, space and ground monitoring system to better detect and prevent major geological disasters has been rolled out by China.
Financial institutions should proactively incorporate nature in their approach to financing, says a white paper titled "Financing Our Natural Capital".
The Australian insurance industry says that extreme weather, building inflation, soaring reinsurance premiums and state insurance taxes are the key factors that push up the insurance premiums.
The Reserve Bank of New Zealand (RBNZ) has published the results from the 2024 General Insurance Industry Stress Test. The exercise assessed insurers' responses to a major earthquake and severe but plausible cyber-risk incidents.
Climate change induced shocks could result in at least 6% annual economic losses in one third of Asia -Pacific countries according to a new report by the UN Economic and Social Commission for Asia and the Pacific (ESCAP).
Insurance companies in Turkiye have learned the necessary lessons from the devastating 6 February 2023 Kahramanmaras earthquakes and are ready for a possible mammoth Marmara earthquake, according to the president of the Insurance Association of Turkiye (TSB), Mr Ugur Gulen.
Cordinated action is urgently needed against the rising threats posed by extreme weather and natural catastrophes, says Zurich Insurance Group (Zurich).
Peak Re has announced the successful issuance of the second CAT bond, via Black Kite Re, a special purpose insurer (SPI) in Hong Kong. Building on the success of its inaugural 2022 issuance, this transaction secures $50m in retrocessional reinsurance protection, extending coverage in Japan to earthquake and typhoon risks while introducing parametric earthquake protection for China and India.
Ten (10) fossil fuel companies caused more than $14tn of climate damage from 1991 to 2020, according to a study by a team at Dartmouth College, a private Ivy League research university.