A partial assessment of the disastrous impact of Typhoon Gaemi estimates total economic losses at CNY1.6bn ($220m) just in China's Fujian province alone, says Aon, a global company engaged in risk management services and insurance and reinsurance broking.
New research from the Natural Hazards Commission (NHC) reveals many New Zealand homeowners don't fully understand what their natural hazards insurance would cover after an event.
India's insurance gap can amount to billions when it comes to counting the costs of extreme weather events, according to Mr Tapan Singhel, managing director and CEO of Bajaj Allianz General Insurance, and Mr Daniel Murphy, Industry Communities specialist at World Economic Forum (WEF).
Two-thirds (65%) of New Zealanders say they want to see more focus and resource put into reducing the impacts of climate-related hazards, according to a report by IAG New Zealand.
A high frequency of small to medium events resulted in global insured losses from natural catastrophes of $60bn in the first half of 2024, according to Swiss Re Institute's preliminary estimates.
The insured property market loss for the 6 February 2023 Kahramanmaras Earthquake Sequence is TRY116.9bn ($6.2bn at February 2023 exchange rates) at February 2023 exchange rates), says PERILS, the independent Zurich-based organisation providing industry-wide catastrophe insurance data.
Reinsurers lost about AED500m ($136m) on motor insurance alone during the last flood event in the UAE, and they now need to recuperate their losses, according to a senior industry executive.
Insurers are seeing rapidly growing demand for heat-related illness coverage in the sweltering summer and are offering flexible insurance plans that are easy to purchase.
Some 96% of all private insurance claims from the Auckland Anniversary weekend and Cyclone Gabrielle weather events have been fully settled by insurers, 16 months after two of New Zealand's most costly natural disasters, says the Insurance Council of New Zealand (ICNZ).
Increased risk from Nat CAT, as triggered by climate change, is set to complicate "an already intricate business risk landscape", according to WTW's Natural Catastrophe Review: Expert insights, lessons learned and outlook, published earlier in July.