South and Southeast Asia, as a region, has been facing an increase in wet and extreme wet climate which presents an increase in the likelihood of extreme flooding, according to a new report by WaterAid, an international non-governmental organisation focused on water, sanitation and hygiene.
Tropical Cyclone Alfred has left a lasting mark on one of Australia's most popular tourism regions, with extensive sand erosion, damaged beach accessways, and coastal infrastructure destruction along the Gold Coast.
These are the highlights for all events and updates across the industry this week.
Insurers in Australia had received more than 44,000 claims till 12 March following ex-tropical cyclone Alfred as reported by the Insurance Council of Australia (ICA).
Preparations to transform the Turkish Compulsory Insurance Pool (TCIP) from covering compulsory earthquake insurance to providing mandatory disaster insurance have been completed, except for legislation to be enacted by Parliament.
JBA Risk Management has launched a new comprehensive Australian inland flood model to meet increasing demand from the insurance and risk markets for better flood insights.
Premiums charged in the Compulsory Earthquake Insurance scheme are to be increased monthly, following new regulations issued by the Insurance and Private Pension Regulation and Supervision Agency (SEDDK).
Philippines non-life insurers could increase their premium rates by 10% to 15% during 2025 as natural catastrophes have affected the reinsurance market.
Ping An Insurance (Group) Company of China has entered a flood maps licensing agreement with UK-based flood scientists JBA Risk Management to support its underwriting and risk management capabilities. The move by the technology-powered financial services group reflects the increasing importance of flood risk assessment in China, amid a rise in both the frequency and severity of flood events.
Australia's largest P&C insurers should be well placed to manage claims stemming from tropical cyclone Alfred. The path and strength of the cyclone is uncertain, but similar events in the past suggest insured losses of more than AUD 2bn ($1.265bn).