A project to strengthen the financial resilience of flood-prone communities in Ghana has delivered two parametric insurance products -- an Excess Rainfall Cover and a Flood Footprint Product.
The impact of recent legislative changes that have made climate disclosure mandatory in Australia will be wide-ranging, according to Xceedance, which provides insurance-focused consulting, technology, operations and data solutions. Businesses are being encouraged to prepare for the likely impact.
Less than 1% of insurance claims for damage caused by floods and landslides have been paid out to date, according to data from the Nepal Insurance Authority (NIA).
The Insurance Federation of Egypt (IFE) is working with the Financial Regulatory Authority (FRA) to launch an index-based insurance product, according to Mr Alaa El-Zoheiry, IFE chairman.
Globally, economic losses due to Nat CAT in the first three quarters of 2024 were estimated to be $258bn, approximately 7% lower than the mean at $277bn, according to Aon's Q3 Global Catastrophe Recap, published in October this year.
Flood prevention measures such as dykes, dams and flood gates come at a price, but their financial benefits can exceed costs for rebuilding after a disaster by up to 10 times, according to a report by Swiss Re Institute, titled "Resilience or rebuild? The costs and benefits of climate adaptation measures for flood".
An estimated 10,000 coastal properties in Auckland, Wellington, Christchurch, and Dunedin could become uninsurable by 2050 due to coastal erosion and inundation. Properties located in flood prone areas inland are similarly at risk, according to a report by the Helen Clark Foundation and engineering consultants WSP.
The South African government is exploring options for purchasing insurance for certain climate-related disaster events, where such a practice would not undermine Budget sustainability.
Growth in premiums for residential dwelling insurance is likely to ease overall, although high-risk properties may see further increases, says the Reserve Bank of New Zealand (RBNZ).
Despite increasing premiums, the profitability of home insurance has declined significantly with many insurers and underwriters making substantial losses, according to a discussion paper released by The Australian Institute, an independent public policy think tank. The Institute which has offices in Canberra, Hobart, Melbourne and Adelaide