The Insurance Council of Australia (ICA) has welcomed the opening of the third round of funding from the federal government's AUD 1bn ($627, 205) Disaster Ready Fund, aimed at better protecting communities from the physical, economic and social impacts of worsening extreme weather events.
A joint study released in January 2025 by the IFoA and University of Exter says that the global economy could face a 50% loss in GDP between 2070 and 2090 unless immediate action is taken on the risks posed by climate change.
The lack of earthquake insurance coverage for a significant percentage of residential units, is further compounded by the ageing residences in urban areas of Taiwan, which leaves more than 60% of the houses with no covers for any seismic catastrophe that may occur.
The Supervisory Authority of Insurance and Social Welfare (ACAPS) has commissioned ARM Consultants to carry out a study on making homeowner's insurance compulsory in Morocco.
Global insured losses due to Nat CAT is on the rise, according to Munich Re's NatCatSERVICE January 2025 report, "Natural disasters in 2024". The report showed that, adjusted for inflation, insured losses have climbed from $106bn in 2023 to $140bn in 2024.
The Asian Development Bank has come out with a report on Cambodia's disaster risk financing that also highlights the nation's vulnerabilities to natural disasters and the urgent need for robust financial mechanisms.
On 10 January, the China Financial Regulatory Administration (CFRA) reported that after a 6.8-magnitude earthquake struck Dingri County in Shigatse, Tibet, the CFRA quickly activated an emergency response.
The Australian Reinsurance Pool Corporation (ARPC) has teamed up with the University of Queensland for a three-year resilience study programme. The programme aims to understand how risk pooling can support individual and community resilience to cyclones and improve community outcomes for the ARPC-run reinsurance pool.
South Korean (re)insurers are looking at losses estimated to be around KRW90bn ($61.8m) from the devastating wildfires in Los Angeles. DB Insurance and Korean Re are likely to bear the largest impact, of these losses.
The annual Global Risk Report Executive Opinion Survey conducted by Zurich Insurance has revealed that economic downturns, such as recessions and stagnation, alongside concerns around the increasing frequency of weather events, natural disasters and labour and talent shortages, remain the most pressing concerns for businesses across the Asia-Pacific (APAC) region over the next two years