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.
The peak bodies representing personal and business insurers in Australia, New Zealand, Canada and the UK, have called on Commonwealth leaders to discuss worsening extreme weather and its impact on national economic and community resilience across the Commonwealth.
Several Nat CAT modelling firms have given a range of estimates of insured losses incurred because of Hurricane Milton, reported Business Insurance. Milton, deemed the most intense Atlantic hurricane on record, made landfall in Florida on 9 October.
Australia's House Standing Committee on Economics has released 86 recommendations in a report on an inquiry into insurers' responses to 2022 major floods claims.