Several Nat CAT modelling firms have given a range of estimates of insured losses incurred because of Hurricane Milton, reported Business Insurance. Milton, deemed the most intense Atlantic hurricane on record, made landfall in Florida on 9 October.
Australia's House Standing Committee on Economics has released 86 recommendations in a report on an inquiry into insurers' responses to 2022 major floods claims.
With summer fast approaching, the Insurance Council of Australia (ICA) is urging homeowners and tenants to prepare for the upcoming storm and bushfire season.
The recent floods in the GCC region were an eye-opener for all stakeholders to act to deal with weather-related perils and their impact on the societies and economies of the region, said speakers at the 19th Gulf Insurance Forum in Dubai earlier this week.
The InsuResilience Solutions Fund (ISF) has signed a grant agreement to co-fund the development of a climate risk insurance solution to protect smallholder farmers in southern Malawi from climate-related hazards.
Global reinsurers will feel the impact of Hurricane Milton, S&P Global Ratings (S&P) has said but it does not foresee Milton overstepping the sector's annual catastrophe budgets.
Hurricane Milton will push global industry insured losses thus far in 2024 to over $100bn, which is the fifth consecutive year losses have crossed this threshold, Fitch Ratings has forecast.
Sasria SOC, a state-owned non-life insurance company, is currently participating in engagements with government, regulators and other stakeholders on potential ways to expand its coverage, according to South Africa's Finance Minister Mr Enoch Godongwana.
The impact on Thailand's insurance industry of floods in parts of the country is manageable, says S&P Global Ratings (S&P).
The destructive typhoon Yagi caused severe damage to 26 provinces and cities in northern Vietnam, including key economic zones like Hai Phong, Quang Ninh and Hanoi. These areas host significant industries, contributing 25.81% of GDP and 17.27% of Vietnam's export value, according to FiinGroup.