Carriers in the past have made similar payments, such as $5,000 to...
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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...
Los Angeles Wildfires: A Wake-up Call For Re/Insurers
Wildfire exposures can be mitigated by relatively simple and...
Global economic cat losses at $ 110 billion, insurance claims of $43 billion in H1 2023
Thomas Blunck, member of the Board of Management In the Asia-Pacific region, natural disasters resulted in overall losses of approximately US$ 7bn, of which roughly US$ 3bn was insured Earthquake in Turkey and Syria was by far the most devastating natural disaster in...
Korean Re enhances risk analysis with Moody’s RMS Risk Models across Europe and Asia
Dr. Chun Baek, the head of Catastrophe Analytics at Korean Re, commented: “It is expected that providing wider insights into risk analysis and decision making against recent changes in natural catastrophe will be available by working with Moody's RMS models.” LONDON:...
Asia-Pacific needs disaster warning systems to counter rising climate change risks, UN report
Countries lacking adequate early warning coverage have a disaster mortality rate that is eight times higher than countries that do have such systems in place, the U.N. estimates. And without such precautions, regional annual losses from disasters are projected to...
India has mechanism for financing disaster response, mitigation,preparedness and recovery: PK Mishra
''Over the last few years in India, we have completely transformed the way disaster risk reduction is financed.We now have a predictable mechanism for financing not just disaster response but also disaster mitigation, preparedness and recovery. Can we have analogous...
Only 27% of $194 bln economic losses from global natural disasters insured in 1H2023: Aon
Turkey and Syria earthquakes drive nearly half of economic losses from Global Catastrophes in 1H 2023 "Despite the reality that communities globally remain at risk to catastrophes, only about 27 percent of economic losses this year have been insured. These devastating...
Swiss Re structures Blackstone’s first indemnity catastrophe bond
The transaction is Blackstone's first indemnity catastrophe bond and covers named storms and earthquakes in the United States and Canada New York: Swiss Re Capital Markets has successfully structured and placed the issuance of USD 250 million of insurance-linked...
Himachal rains: Economic losses of Rs 4808.79 crore, Death toll reaches 130
As many as 13 people died, including one rescuer, after the landslide occurred at Irshalwadi village in Khalapur tehsil in Maharashtra's Raigad district, police said Shimla/Mumbai: With five new deaths on Wednesday, the death toll in Himachal Pradesh due to rains,...
Above-average global natural catastrophe insured losses reach estimated $52 billion in H1 2023: Gallagher Re
For all perils, the US accounted for 76% of all global insured losses. Thunderstorms in Europe during June also brought a billion-dollar insurance bill to parts of Germany and France “Governments and private organizations are accelerating their investments to help...
Higher losses during disasters due to abysmally low insurance cover of 8%: SBI Report
The losses due to the ongoing floods in the north is the range of Rs 10,000-15,000 crore as the calamity has severely hit Himachal Pradesh, Uttarakhand, Punjab, Uttar Pradesh, Rajasthan, J&K and Delhi. Himachal alone would have lost Rs 3,000-4,000 crore by way of...
IRDAI asks insurers to quickly settle claims out of North In dia floods
Insurers are advised to respond/assist the claimants through their 24x7 helplines,special claims desks at district level with delegated claims settlement teams for speedyprocessing and settlement of claims including on account payments at the earliest andalso...