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.
Two major insurance companies in Taiwan are eyeing investments in the renewable energy sector.
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.
Summations and recommendations made at the 19th Annual Gulf Insurance Forum (GIF) held in Dubai on 15-16 October 2024 focused on growing weather-related risks and the best means to confront them. The Forum also addressed the increasing importance of technology in the insurance market.
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.
According to Central Re executive vice president Terry Ho, the challenges of climate risk in Asian markets "are quite different from those seen in American and European markets".
Sustainable bond issuance in the Middle East is down from the same period a year earlier, and could require acceleration in implementing net zero polices to really take off, despite government initiatives and increasing alignment with sustainability strategies, or even regulatory requirement, according to a report released yesterday by S&P Global Ratings.