The first update to the National Seismic Hazard Assessment of Australia since 2018 has been released by Geoscience Australia. It identifies Darwin and the eastern highlands through into Latrobe Valley as areas where there is a higher risk of strong ground shaking.
Nepalese people affected by the devastating floods and consequential landslides that followed incessant rains in the country on 26 September 2024 have filed insurance claims worth NPR12.87bn for damages caused by the natural catastrophic events.
The Insurance and Social Security Supervisory Authority (ACAPS) in Morocco is currently conducting a feasibility study on the introduction of mandatory home insurance. This approach is part of a comprehensive vision of protection against home-related risks and modernisation of the insurance framework in Morocco, reported Hespress.
Pakistani insurer Adamjee Insurance Company has reported a significant loss of approximately PKR500m ($1.8m) due to claims, especially in the motor portfolio, resulting from the catastrophic flooding in Dubai in April 2024. The company's Pakistan operations are, however, profitable.
The Taiping Reinsurance Company through a special purpose insurer Silk Road Re has issued $35m catastrophe bonds that offer three years of protection starting 1 January 2025 by covering named storms in the US and earthquakes in mainland China.
Perils AG has revised its insured loss estimate to AUD1.61bn ($1bn) for Christmas storms in Australia in 2023. This is the fourth and final loss estimate for the event by the property catastrophe data firm. The estimate was raised from AUD1.56bn six months ago.
Natural Hazards Commission Toka Tu Ake (NHC Toka Tu Ake) of New Zealand has received almost 10,000 claims for damage from landslides in the last three years, nearly ten times more than the previous three years, when there were just over 1,000 claims lodged.
The total catastrophic coverage in the Turkish market is predicted to amount to EUR14-15bn ($14.7-15.8bn) in 2025, compared to EUR12bn for 2024, including proportional agreements, event limits and coverage under Cat XL programmes.
Typhoon Yagi was the costliest in Asia this year, according to Munich Re's 'Hurricane/Typhoon Season Summary.
The period of benign weather this year has meant insurer profits have increased substantially, especially when compared to the lower-than-average returns in 2023 that were due to the impacts of the Auckland floods and Cyclone Gabrielle, says Taylor Fry, an analytics and actuarial consulting firm.