The world is getting warmer and natural hazards are becoming more intense, likely bringing higher economic losses in the future. Today, four major weather perils result in expected economic losses of USD 200 billion annually. With more severe weather coming, economic losses are set to rise. The study analysis finds …
Scientific evidence has established that climate change is accelerating the frequency and intensity of extreme weather events like droughts, floods, unseasonal rainfall and extreme temperatures. Evidence also reveals that, globally, the poorest bear maximum losses and damage as a result of climate impacts, even though they have contributed least to …
An Australian government commissioned report on Tuesday rejected drought insurance for farmers as uneconomical, dashing landowner hopes of a change in government policy which could help boost output to meet Asia's fast-growing food market. Australia is one of the world's largest exporters of wheat, beef and sugar, despite farmers regularly …
Agricultural index insurance offers the promise of an affordable and sustainable insurance product for farmers that can help reduce their vulnerability to aggregate agricultural shocks such as large-scale drought or flooding. However, index insurance provides claim payments based on a trigger that is only imperfectly correlated with losses. This implies …
The death toll from natural disasters such as earthquakes, storms and forest fires dropped sharply worldwide in the first six months of 2016 but the bill has risen, the world's largest reinsurance company Munich Re said on Tuesday. The economic cost of such events rose about a fifth to $70 …
Motor third party policies may soon be available at pollution check centres and other agencies following insurance regulator IRDAI approval to the proposal of relaxing norms. Insurance Regulatory and Development Authority of India has approved relaxation of norms in the proposed IRDAI (Appointment of Insurance Agents) Regulations, 2016. During the …
When powerful earthquakes rocked New Zealand and Haiti in 2010, each measuring 7.0 magnitude, very different dramas unfolded: New Zealand, though hit hard, was able to start recovering relatively quickly; Haiti, meanwhile, was brought to its knees. One major reason for the difference was the role insurance played in the …
CALGARY — A new report says Canada is the only G7 nation that leaves unprepared homeowners on the hook financially for losses from severe flooding. The study, released by Swiss Re Canada, said floods have made up half of Canada's natural disasters since 1970. The international wholesale insurance provider said …
This paper is aimed at members of the Bangladeshi private sector, developed based on consultation with in-country stakeholders. It outlines the case for action on climate change by the private sector, specifically, what opportunities are available for businesses to harness as a result of climate change? This includes accessing new …
This report looks at the risk that is often unrecognised and under-explained to people who own or are buying or building property along Australia's coasts (flooding, storm surge, coastal inundation, erosion etc.) and in bushfire zones. There is joint responsibility and an untapped, unshared pool of data about this level …
The people on the frontlines of the climate crisis are the world’s poorest and most vulnerable communities. Insurance can play an important role in protecting families from falling into poverty after extreme weather shocks, promoting more secure livelihoods, and transforming society's response towards more proactive management of climate risks. Yet …
KATHMANDU, April 27 (Xinhua) -- Despite massive damages caused to individual houses by last year's earthquake in Nepal, there has not been significant rise in insurance coverage of such properties as expected, Nepalese insurers say. The Post Disaster Needs Assessment (PDNA) report said that the quake caused damages of properties …
This paper aims to answer three research questions for each of the three contexts assessed: What is the availability and use of financial services? How can financial services contribute to building climate resilience in terms of managing climate- related risks and exploiting climate-related opportunities? How can policy-makers support the development …
Insurance claims for damage caused by floods so far this winter will reach £1.3bn, the Association of British Insurers (ABI) has said. The figure is the value of claims for those affected by storms Desmond, Eva and Frank for damage to homes, businesses and vehicles. The ABI said that around …
India suffered a $3 billion loss to its economy from severe rainfall and flooding in November and early December, reinsurance broker Aon Benfield said in its monthly report on global catastrophes. "New economic developments in Asia are taking place in flood plains and marsh lands with scant attention to drainage, …
While the earlier deluge in Tamil Nadu, which started on November 8, has already resulted in claims of around Rs 500-600 crore, the recent torrential rains could cause far more damage, insurers point out. Insurance claims for damage to property, automobiles and other goods following the devastating floods in Tamil …
ZURICH: Natural and manmade disasters caused $37.4 billion (34 billion euros) in economic losses during the first half of 2015, proving far less costly than in recent years, reinsurance group Swiss Re said Tuesday. The figure, which combines both insured and uninsured losses, marked a 37-per cent drop from the …
The death toll from natural disasters such as earthquakes, storms and heatwaves rose sharply worldwide in the first six months of 2015, the world's largest reinsurance company Munich Re said on Tuesday. However, the economic cost of such events dropped to $35 billion from $42 billion, Munich Re said in …
Government has outlined the changes it wants to make to insurance cover after natural disasters, including a doubling of the cap on building cover to $200,000. The Earthquake Commission Act is being reformed, and a discussion paper on the proposed changes has been released today. Earthquake Commission Minister Gerry Brownlee …
Strong macroeconomic fundamentals offer India a “reasonable degree of resilience” to fight uncertainties, but poor asset quality of banks and managing expectations are key challenges for regulators and the government, says the Financial Stability Report. There has been a significant improvement in the macroeconomic environment, and going forward, economic performance …
German insurers are likely to face damage claims of around 750 million euros ($808 million) from windstorm "Niklas", which struck the country on March 31, insurance trade body GDV said on Monday. That would make Niklas, which entailed wind speeds of up to 192 kilometers (119 miles) per hour, one …
