The International Association of Insurance Supervisors (IAIS) has adopted the first comprehensive global capital standard for insurance supervision, the Insurance Capital Standard (ICS), providing a risk-based measure of capital adequacy for internationally active insurance groups (IAIGs).
The Senate Select Committee has presented its report on the "Impact of Climate Risk on Insurance Premiums and Availability" that contains recommendations that seek to address the immediate challenges of insurance unaffordability arising from climate risk, while providing longer-term solutions for communities.
Introducing climate insurance products for disaster-vulnerable communities, their livelihoods and infrastructure represents the cornerstone of climate risk mitigation policy, indicated Mr Hamza Haroon, regional director for South Asia of the Climate Vulnerable Forum - Vulnerable 20 (CVF-V20).
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.
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
Amid the growth in demand for reinsurance, driven by four major transitions - climate, energy, digital, and demographic - Singapore will reinforce its status as Asia's leading reinsurance hub through several approaches, according to Singapore deputy prime minister, minister for trade and industry and chairman of the Monetary Authority of Singapore (MAS) Gan Kim Yong.
Australia's climate has warmed by an average of 1.51 ± 0.23 °C since national records began in 1910. Sea surface temperatures have increased by an average of 1.08 °C since 1900. The warming has led to an increase in the frequency of extreme heat events over land and in the oceans.
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.