The Reserve Bank of New Zealand (RBNZ) yesterday released a draft Guidance on how entities can manage climate-related risks within their broader risk management framework. It has launched a consultation on the proposed Guidance.
Chubb has announced new underwriting criteria for oil and gas extraction projects that will require clients to reduce methane emissions. Methane is a by-product of oil and gas production and is one of the most severe greenhouse gases.
Insurers in UK are expected to pay £219m ($268m) in subsidence claims made in 2022, many of which were caused by 2022 summer's record-breaking high temperatures. This would be the highest expected insurance subsidence bill since 2006.
A new report released by AXA XL focuses on the impact of three types of water risks across seven sectors and provides five recommendations for businesses to manage their major water-related risks.
Companies are lagging in tracking supply chain emissions and risk missing forthcoming regulations on nature according to the global non-profit disclosure platform CDP.
The World Bank has listed a $350m catastrophe bond on Hong Kong Exchanges and Clearing (HKEX) which provides the Government of Chile with financial protection against severe earthquake events for the next three years. This is the first World Bank bond and the first cat bond ever listed on the Hong Kong exchange.
China recently completed its first national survey on natural disaster risks to understand the risks of hidden natural disasters across the nation.
Claims numbers from the the Auckland Anniversary Flood and Cyclone Gabrielle events will be somewhere in the vicinity of the claim volume experienced from the Canterbury Earthquakes, according to Mr Mark Jones, chief broking officer of the Crombie Lockwood, one of New Zealand's leading insurance broking companies.
Provisional general insurance claims data for Cyclone Gabrielle, released by the Insurance Council of New Zealand (ICNZ) show that over 40,000 claims have been recorded to date, worth around NZ$890m ($557m).
PERILS, the independent Zurich-based organisation providing industry-wide catastrophe insurance data, has released its initial industry loss estimate for the 6 February Kahramanmaras Earthquake Sequence which caused widespread devastation across several regions of Turkiye and Syria.