Al Fujairah National Insurance (AFNIC) has launched the region's first insurance product exclusively covering accidental loss or damage from Flood, Inundation, Storm, and Tempest for motorists with third-party liability insurance coverage.
The bulk of losses resulting from Typhoon Yagi claimed on Vietnam insurance companies is expected to be borne by domestic and international reinsurers, according to a new commentary by AM Best.
According to Aon's 2024 Climate and Catastrophe Insight, total economic losses in APAC hit $65bn in 2023. Of the total, only $6bn (9%) were insured losses.
The Insurance Council of New Zealand (ICNZ) is backing calls to speed up adaptation to climate change.
Turkiye's Compulsory Disaster Insurance scheme (ZAS) is set to be launched officially at the beginning of 2025.
S&P Global Ratings (S&P) says in a new report that it expects rated insurers can mitigate the risk arising from the increase in natural catastrophe-related claims through underwriting actions.
Higher property values, urbanisation and rising repair costs due to inflation are expected to drive demand for property (re)insurance, especially in areas with intensifying natural catastrophe risks, said Swiss Re.
Half of Australia's tourism assets are in an elevated risk category, facing considerable climate and natural peril risk, according to the "Climate Risk Index - The impact of climate change on the Australian tourism industry", the first comprehensive, quantitative climate assessment of its kind for Australian tourism.
The insurance industry should be prepared to experience total annual insured losses, from natural catastrophes and crop, of well more than $151bn on average, says Verisk, a New Jersey-headquartered global data analytics and risk assessment company.
The Insurance and Private Pension Regulation and Supervision Agency (SEDDK) has published a circular requiring insurance companies to submit the parameters of the earthquake stress tests they plan to conduct.