Japan is one of the world's most earthquake-prone countries, and...
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1 killed 3 injured as Bengaluru-Kamakhya AC Express derails in Odisha
Eleven coaches of the SMVT Bengaluru-Kamakhya AC Express derailed...
Aftershocks rattle devastated city of Mandalay
The initial 7.7-magnitude quake struck near the central Myanmar...
French households, businesses face soaring costs for insurance due to climate change: Govt
The cost of climate disasters may double in the 30 years through 2050, reaching a cumulative €143 billion ($155 billion), the French government said in an adaptation plan. At a briefing in Paris, Ecology Minister Agnes Pannier-Runacher said climate change is a...
North Sea collision: 32 casualties brought ashore after ships collide catch fire in North Sea off eastern England
The tanker, believed to be the U.S.-flagged chemical and oil products carrier MV Stena Immaculate, was at anchor at the time after sailing from Greece, according to ship-tracking site VesselFinder. The cargo vessel, Portugal-flagged container ship Solong, was sailing...
Govt wants insurance payouts to replace its compensation in managing natural disasters: DFS Secy
L to-R-Hitesh Kotak, Chief Executive, Japan, India, Korea, and South-East Asia at Munich Re,Krishna S Vatsa, Member, NDMA,Safi Ahsan Rizvi, Advisor (Mitigation), NDMA, M Nagaraju, Secretary, Department of Finance (DFS), Mandakini Balodhi, Director(Insurance),...
El Nino, La Nina forecast: Weather Agencies grapple with prediction challenges
An accurate read on the status of the El Niño-Southern Oscillation is essential for governments, energy markets and farmers planning their cropping regimes, especially as global warming exacerbates extreme weather. Warm and cold phases can cause sapping droughts or...
‘Rising temperature may increase probability of default in 30% of agri loan portfolio by 2030’
Almost half of the credit of scheduled commercial banks is significantly dependent on nature and its ecosystem so any natural calamity impacts their bottomline. By 2030, as per estimates, 42 per cent India's districts are projected to experience temperature rise by up...
Delta Air Lines offer $30,000 to each passenger for Toronto disaster
Carriers in the past have made similar payments, such as $5,000 to help passengers replace possessions lost on US Airways’ “Miracle on the Hudson” flight in 2009 Delta Air Lines Inc. is offering $30,000 to every passenger aboard a regional jet flight that came to rest...
India sixth-most severely-affected country by extreme weather from 1993 to 2022: Report
India experienced more than 400 extreme weather events in the three decades, causing losses of nearly "USD 180 billion and at least 80,000 fatalities", the report said. New Delhi: India ranked as the sixth-most severely-affected country by extreme weather events in...
Los Angeles Wildfires: A Wake-up Call For Re/Insurers
Wildfire exposures can be mitigated by relatively simple and cost-effective measures that fall under the responsibility of local governments and communities and include disaster planning, forest management, maintenance of key / vulnerable infrastructure, building...
LA wildfire losses can touch $164 billion, report says
Insured losses are estimated at $75 billion.The disaster will reduce L.A.’s gross domestic product by $4.6 billion, or about 0.5%, in 2025. Insured losses may cover only a fraction of the costs for fire victims. Many property owners seeking to rebuild were...
Europe’s insurers may face new capital rules for climate risk
The goal is “to ensure the continued protection of policyholders and the overall stability of the EU’s insurance market amid more erratic and damaging weather patterns,” EIOPA said Europe’s insurance watchdog has called for a recalibration of capital requirements to...