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World not spending enough to avert disasters as global calamities rise: UN
Developing nations bear the brunt of losses from disasters at 1% of...
Supecyclones may have much more devastating impact in India in future: Study
The study, published in the journal Climate Resilience and...
Rumbling volcano shuts down Philippine capital
“The speed of escalation of Taal’s volcanic activity caught us by surprise,” Maria Antonia Bornas, chief science research specialist at the Philippine Institute of Volcanology and Seismology, told reporters.
Swiss Re launches first parametric earthquake Cat bond to hedge mortgage risks
This transaction is the first catastrophe bond issued under Rule 144A with a parametric trigger that is designed to cover mortgage default risk caused by earthquakes in California, Oregon, Washington and South Carolina. Swiss Re Capital Markets acted as the sole structuring agent and joint-bookrunner.
Tensions between U.S. and Iran hamper probe of Boeing 737-800 crash near Tehran
Given that the crash of Flight 752 came hours after a barrage of Iranian missiles were fired on U.S. bases in Iraq, speculation also turned to a possible accidental attack by Tehran’s own air defense system.
Insurance industry calls for action to mitigate Climate Risk as Australia bushfires widen
“Globally, as our cities get bigger, we’re moving into more hazardous areas. Disaster mitigation is absolutely key,” said Andrew Gissing, head of risk and resilience at Risk Frontiers, a provider of catastrophe-modeling solutions. “We spend too much on disaster relief and recovery and not enough on mitigation.”
Natural catastrophes record $52b insured losses & 9,000 deaths in 2019:Munich Re
Torsten Jeworrek, member of the Board of Management, commented, “The severe cyclones in 2019 have highlighted the importance of knowledge about changes in risk. Natural climate variations influence weather catastrophes from year to year. Longer-term climate change effects can already be felt and seen. Buildings and infrastructure must be made more resistant in order to reverse the increasing trend in losses. This will enable insurance to be more effective and support the remaining financial losses.”
Indonesia Flooding Forces Evacuation of More Than 400,000 People with 42 Deaths
The new capital that Indonesia will build on the island of Borneo will be flood proof, Public Works and Housing Minister Basuki Hadimuljono said.“While the government may be even more keen to shift its capital city now, the flood is a reminder that the host of issues facing Jakarta – whose metropolitan area is home to 30 million Indonesians – remain acute,” said Wellian Wiranto, an economist at Oversea-Chinese Banking Corp. in Singapore.
The escalating costs of Australia’s wildfire disaster
The Insurance Council of Australia says 5,259 claims worth A$321 million ($224 million) have been lodged. Consultancy SGS Economics and Planning has estimated that Sydney’s economy loses as much as A$50 million each day it is blanketed with a toxic haze from smoke billowing in from the fires. An inquiry into the Black Saturday fires estimated the cost at A$4.4 billion.
Australia’s wildfire crisis intensifies as Locals, tourists seek refuge on beaches
It’s also put international focus on the conservative government’s climate change policies, with environmentalists saying Prime Minister Scott Morrison’s support of the nation’s massive coal-export industry has worsened conditions.
Australia’s bushfires circle Sydney as temperatures soar
The Gospers Mountain mega fire has already burned almost 460,000 hectares (1.14 million acres) to the northwest of Sydney, and there was a risk it could join up with the Grose Valley fire in the Blue Mountains to the west of Sydney.
Germany, Global Parametrics and Hannover Re unvel a new Natural Disaster Fund Deutschland
Dr. Maria Flachsbarth, Parliamentary State Secretary to the Federal Minister for Economic Cooperation and Development (BMZ), said, “The NDF is an innovative mechanism that brings together public and private insurance players for the benefit of poor and vulnerable people who far too often face a protection gap. While about 50 percent of disaster losses are covered by insurance in high-income countries, the corresponding proportion in poorer countries is less than five percent. The BMZ is committed to help closing this gap through a substantive contribution to the NDF”.