In 2023, there were 85 combined Nat CAT and manmade disasters in Asia, according to Swiss Re's sigma report, Natural catastrophes in 2023: Gearing up for today's and tomorrow's weather risks. The economic loss, the report said, was $49.6bn, of which $7.8bn was insured.
Compulsory earthquake insurance should be offered automatically to all homeowners in Turkiye with a sufficient level of coverage, a senior insurance executive has suggested.
Steeper home insurance premiums have caused the number of Australian households experiencing home insurance affordability stress to rise by 30% to 1.6m in the past year, a new report published by the Actuaries Institute shows.
The inconsistent performance of buildings during the 2023 Kahramanmaras earthquakes in southern Turkey has again highlighted the issues of enforcement of the building regulations, according to a recent blog published by the Global Earthquake Team at Moody's.
Taiwan's basic residential earthquake insurance scheme had a coverage of 38.6% as of 31 July 2024, based on 9.32m households islandwide, indicating that more than 60% of homeowners are still uninsured.
Educating the public about the importance of insurance must be approach in a more integrated way, according to Mr Uger Gulen, president of the Insurance Association of Turkiye (TSB).
The Turkish Catastrophe Insurance Pool (TCIP) has disclosed that the compulsory earthquake insurance (ZDS) rate in the country is currently 57%, with the number of insured residential properties exceeding 11.3m.
Insurance Council of Australia (ICA) and Planning Institute of Australia (PIA) have together called on local, state and federal governments to reduce vulnerability to natural hazards and to make progress on much needed reforms against a backdrop of growing housing challenges.
The demand for warehouse insurance policies has increased in the post-rainy period as businesses are keen to protect goods stored in warehouses.
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.