Despite increasing premiums, the profitability of home insurance has declined significantly with many insurers and underwriters making substantial losses, according to a discussion paper released by The Australian Institute, an independent public policy think tank. The Institute which has offices in Canberra, Hobart, Melbourne and Adelaide
Amid the growth in demand for reinsurance, driven by four major transitions - climate, energy, digital, and demographic - Singapore will reinforce its status as Asia's leading reinsurance hub through several approaches, according to Singapore deputy prime minister, minister for trade and industry and chairman of the Monetary Authority of Singapore (MAS) Gan Kim Yong.
Australia's climate has warmed by an average of 1.51 ± 0.23 °C since national records began in 1910. Sea surface temperatures have increased by an average of 1.08 °C since 1900. The warming has led to an increase in the frequency of extreme heat events over land and in the oceans.
By 30 June 2024, 18 insurers had joined the cyclone pool managed by Australian Reinsurance Pool Corporation (ARPC), according to a report released last week by the public financial corporation.
Two major insurance companies in Taiwan are eyeing investments in the renewable energy sector.
Natural disasters in Africa caused total economic losses of around $0.5bn in the first six months of 2024, says global reinsurance giant Munich Re in a blog, titled "The price of natural catastrophes in Africa: Insights into the most recent losses", posted on its website.
Cairo is perceived as the most equipped to handle climate risks among 10 cities surveyed, with over a third of respondents (37%) rating it as "very prepared", according to a new report by Economist Impact.
Financial constraints are a significant barrier to preparedness for 38% of Malaysians, with 54% feeling unprepared for climate events such as floods, heatwaves, and landslides, according to the findings of Zurich Malaysia's Climate Resilience Survey.
South Africa's National Treasury is exploring regulations to encourage the use of financial instruments to tackle climate change, including catastrophe bonds and parametric insurance, according to a report by Bloomberg.
Summations and recommendations made at the 19th Annual Gulf Insurance Forum (GIF) held in Dubai on 15-16 October 2024 focused on growing weather-related risks and the best means to confront them. The Forum also addressed the increasing importance of technology in the insurance market.