The Ministry of Economy and Finance, Bank Al-Maghrib (BAM), the Insurance and Social Security Supervisory Authority (ACAPS) and the Moroccan Capital Market Authority (AMMC) have adopted a new strategy for the development of climate finance by 2030.
Tunis Re is moving towards a structured and ethical ESG approach, with particular attention paid to the social and environmental issues of its operations, as well as to the company's social responsibility initiatives, according to Mr Mustapha Kotrane, head of the technical division of the reinsurer.
Typhoon Bebinca, the strongest typhoon to hit Shanghai since typhoon Gloria in 1949, made landfall in the business metropolis on 16 September 2024, with a high potential to cause notable losses in the densely populated area.
Current resource allocation for mitigating climate shocks is inefficient, according to Mr Luis Alton, senior financial-sector specialist at the World Bank's Disaster Risk Financing and Insurance Programme.
The Shanghai property insurance industry has received at least 29,400 claims for over CNY500m ($71m) for losses caused by Typhoon Bebinca, the strongest typhoon to slam Shanghai since 1949, according to Shanghai Financial Regulatory Bureau.
The Australian Government's cyclone reinsurance pool has begun delivering lower premiums for some consumers in some regions facing higher risk of cyclones, according to a report released yesterday by the Australian Competition and Consumer Commission (ACCC).
The Insurance and Pension Commission (IPEC) plans to issue a sustainability guideline for insurers and pension funds in 2025,a move that it says will be a strategic milestone for next year.
With the increasing incidence of calamities such as floods, cyclones, and incessant rainfall in India every year, policymakers must think beyond existing disaster funds and develop an alternative risk mitigation framework, possibly through the PPP model, say the founders of a New Delhi-based policy think tank.
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.