Environmental risks are becoming an increasingly important credit driver for Chinese insurers as their exposure to climate-related catastrophic events and decarbonisation policies grow, especially for property and casualty (P&C) insurers, says Moody's Investors Service.
Eight in 10 homeowners show little interest in spending to make their home more resilient to natural disasters, according to research commissioned by insurance, banking and finance group, Suncorp.
New Zealand is the first country in the world to introduce a law that requires the financial sector to disclose the impacts of climate change on their business and explain how they will manage climate-related risks and opportunities.
New Zealand has become the first country in the world to introduce a law that requires the financial sector to disclose the impact of climate change on their business and explain how they will manage climate-related risks and opportunities, says Commerce and Consumer Affairs Minister David Clark.
Losses emanating from the heavy rainfall and severe flooding in Australia's eastern states in March this year are expected to put pressure on Australian general insurers' underwriting margins.
Environmental, social and governance (ESG) reporting in China is seeing a surge in activity from regulators, investors and corporate leaders, according to a report released by the World Economic Forum (WEF).
The government should lower the tax rate, of 26-27%, on non-life insurance, including that for crop or agriculture insurance, to around the rate on life insurance, which is 2%, according to Mr Jaime Aristotle Alip, chairman emeritus and founder of the country's largest microfinance firm CARD MRI (Centre for Agriculture and Rural Development - Mutually Reinforcing Institutions).
International CAT loss activity in 2020 was well below the long-term annual average and the benign trend has continued in the first quarter of 2021 according to the CRESTA updates for the first quarter of 2021 and CAT activity during 2020.
Flood forecaster and InsurTech Previsico is working with Zurich Insurance and one of their top customers in a market-first tripartite pilot across 5,000 locations in UK to plug a major flood forecasting gap around surface water flooding. The pilot project will also work to significantly reduce the cost of false alarms.
Low interest rates are a major challenge facing the insurance industry, said Mr Abdellatif Jouahri, governor,of the Moroccan central bank, Bank Al Maghrib (BAM).at the 7th Casablanca Insurance Rendezvous organised last week by the Moroccan Federation of Insurance and Reinsurance Companies (FMSAR).