Profits at UAE insurance companies' profits could plunge by up to one-fourth in the second quarter due to unprecedented rains in April, which caused severe property and vehicle damages.
Insurance companies in several flood-hit provinces and regions in China have received a cumulative number of 95,000 claims involving a combined total of CNY3.21bn ($442m) in claim amounts.
QBE Insurance, one of the world's top 20 general insurance and reinsurance companies, is focused on improving its claims support for customers amid recent severe weather events, drawing from insights gained following the 2022 east coast floods.
Several major challenges will influence China's climate action in the next five years, according to the findings of an in-depth investigation of China's climate-related policies, politics, governance, and international relations.
Nat CATs are becoming frequent and severe because of climate change. The Philippines, having been identified as one of the most vulnerable countries to the effects of climate change, is at the forefront of facing these threats. The rising sea level and extreme weather events are just some of the challenges the country faces.
Insurance companies in China in eight regions have received a total of 81,300 claims arising from the current major flood season.
Widespread flood losses in the UAE in recent months have reinforced reinsurers' discipline, according to Gallagher Re, one of the largest global reinsurance brokers.
Natural catastrophes, which are increasing in terms of frequency and the size of economic losses they cause, should prompt Arab insurance markets to exert greater efforts to face this threat, said speakers at a recent seminar addressing Nat CAT threats in the region.
New Delhi recorded the highest number of days when the temperature was over 35°C out of 20 capital cities analysed by London-based International Institute for Environment and Development (IIED), an independent policy and action research organisation working primarily in the global South.
The Earthquake Commission (EQC) yesterday became the Natural Hazards Commission (NHC), reflecting its role in supporting New Zealanders to prepare for and recover from a range of natural hazards, not just earthquakes.