The economic cost of natural disasters to global economies reached $2.98tn between 2010 and 2019, which was $1.19tn higher than the previous decade. The Asia Pacific region, unsurprisingly, accounted for almost half of all losses, at 44% or $1.3tn, according to Aon's annual report on natural disasters.
Earlier this week, bushfire-ravaged Australia was struck by yet another Nat CAT - hailstorms - which resulted in estimated losses of at least A$320m ($218.9m) and over 20,000 insurance claims according to the Insurance Council of Australia (ICA).
Motorists whose vehicles were damaged during heavy rainfall, that rapidly flooded roads earlier this month, must be protected by insurance companies, a minister confirmed yesterday.
There is so much more to climate change than meets the eye. Everyone can see its obvious effects - increasing average temperatures, extreme precipitation as well as the rising frequency of severe hurricanes and drought. However, the socioeconomic impacts of climate change on physiological, human-made and ecological systems are seldom discussed or even thought about.
For the third consecutive year, Business Interruption (30% of responses) ranks as the most important business risk for Chinese companies in the ninth Allianz Risk Barometer 2020. Natural catastrophes remain at (#2 with 26% of responses) while rounding up the top three is cyber incidents and market developments tied at the third spot (24% of responses.) The annual survey on global business risks from Allianz Global Corporate & Specialty (AGCS) incorporates the views of a record 2,718 experts in over 100 countries including CEOs, risk managers, brokers and insurance experts.
The Philippines maintained its second-highest alert for Taal on Sunday (19 January) as the deadly volcano continued to generate weak explosions and earthquakes a week after it started emitting ash and steam.
An annual risk survey published ahead of the World Economic Forum (WEF) meeting in Davos, has put climate change threats ahead of risks ranging from cyber-attacks and pandemics to geopolitical conflict and weapons of mass destruction.
A deadly trifecta of soaring temperatures, dry weather, and strong winds has created ideal conditions for what could possibly be one of the worst bushfire catastrophes in Australia's history. And the question on the minds of many right now: Is the climate crisis to blame?
Four global (re)insurers were featured among the top brands most praised by NGOs due to their pledges on carbon divestments. They were the only firms from the financial sector to be featured in the top ten, in a list compiled by global research and strategy consultancy SIGWATCH.
Ashfall from the Taal volcano that is threatening to erupt has caused PHP3.06bn ($60.07m) of agriculture-related damage and losses according to the latest bulletin released by the Department of Agriculture (DA).