Despite increasing premiums, the profitability of home insurance has declined significantly with many insurers and underwriters making substantial losses, according to a discussion paper released by The Australian Institute, an independent public policy think tank. The Institute which has offices in Canberra, Hobart, Melbourne and Adelaide
Amid the growth in demand for reinsurance, driven by four major transitions - climate, energy, digital, and demographic - Singapore will reinforce its status as Asia's leading reinsurance hub through several approaches, according to Singapore deputy prime minister, minister for trade and industry and chairman of the Monetary Authority of Singapore (MAS) Gan Kim Yong.
Australia's climate has warmed by an average of 1.51 ± 0.23 °C since national records began in 1910. Sea surface temperatures have increased by an average of 1.08 °C since 1900. The warming has led to an increase in the frequency of extreme heat events over land and in the oceans.
By 30 June 2024, 18 insurers had joined the cyclone pool managed by Australian Reinsurance Pool Corporation (ARPC), according to a report released last week by the public financial corporation.
Property and casualty underwriting in China in 2024 is likely to see losses, amid increased frequency of extreme weather events (such as flooding and typhoon events), according to S&P Global Ratings (S&P).
Natural disasters in Africa caused total economic losses of around $0.5bn in the first six months of 2024, says global reinsurance giant Munich Re in a blog, titled "The price of natural catastrophes in Africa: Insights into the most recent losses", posted on its website.
Cairo is perceived as the most equipped to handle climate risks among 10 cities surveyed, with over a third of respondents (37%) rating it as "very prepared", according to a new report by Economist Impact.
Financial constraints are a significant barrier to preparedness for 38% of Malaysians, with 54% feeling unprepared for climate events such as floods, heatwaves, and landslides, according to the findings of Zurich Malaysia's Climate Resilience Survey.
South Africa's National Treasury is exploring regulations to encourage the use of financial instruments to tackle climate change, including catastrophe bonds and parametric insurance, according to a report by Bloomberg.
The estimated insured losses caused last month by Typhoon Yagi has reached at least VND12,811bn ($507m) as of 16 October, according to reports from insurance companies.