The Insurance and Pension Commission (IPEC) plans to issue a sustainability guideline for insurers and pension funds in 2025,a move that it says will be a strategic milestone for next year.
With the increasing incidence of calamities such as floods, cyclones, and incessant rainfall in India every year, policymakers must think beyond existing disaster funds and develop an alternative risk mitigation framework, possibly through the PPP model, say the founders of a New Delhi-based policy think tank.
Al Fujairah National Insurance (AFNIC) has launched the region's first insurance product exclusively covering accidental loss or damage from Flood, Inundation, Storm, and Tempest for motorists with third-party liability insurance coverage.
The bulk of losses resulting from Typhoon Yagi claimed on Vietnam insurance companies is expected to be borne by domestic and international reinsurers, according to a new commentary by AM Best.
According to Aon's 2024 Climate and Catastrophe Insight, total economic losses in APAC hit $65bn in 2023. Of the total, only $6bn (9%) were insured losses.
The Insurance Council of New Zealand (ICNZ) is backing calls to speed up adaptation to climate change.
Turkiye's Compulsory Disaster Insurance scheme (ZAS) is set to be launched officially at the beginning of 2025.
S&P Global Ratings (S&P) says in a new report that it expects rated insurers can mitigate the risk arising from the increase in natural catastrophe-related claims through underwriting actions.
Higher property values, urbanisation and rising repair costs due to inflation are expected to drive demand for property (re)insurance, especially in areas with intensifying natural catastrophe risks, said Swiss Re.
Half of Australia's tourism assets are in an elevated risk category, facing considerable climate and natural peril risk, according to the "Climate Risk Index - The impact of climate change on the Australian tourism industry", the first comprehensive, quantitative climate assessment of its kind for Australian tourism.