The fires sweeping across Los Angeles are now on track to cause...
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Los Angeles wildfire economic loss estimates top $50 bln
J.P. Morgan believes that insured losses originating from the...
Global natural disasters cause $ 320 bn of economic losses, $140 bn of insurance claims in 2024 : Munich Re
Weather catastrophes were responsible for 93% of overall losses and...
Expected rise in strikes, riots and protests to test business resilience: Allianz
The heightened SRCC risk environment means businesses need to remain vigilant about the different threats such activity can pose. In addition to buildings or assets suffering costly material damage, operations can be severely disrupted, resulting in significant loss...
Earthquake in India’s Himalayas to be felt in Sri Lanka
If India experiences a quake of magnitude 8, it would be felt in Colombo and Jaffna, Athula Senaratne, a local university professor, told reporters Sri Lanka's capital Colombo and the northern capital of Jaffna are likely to feel the effect of any powerful earthquake...
New Zealand needs to rebuild for weather resilience, PM says
Prime Minister Chris Hipkins said there had been a nine-fold increase in government spending in the 2021-22 fiscal year on helping farmers cope with floods, storms and drought. The number of weather events that require emergency road work more than doubled from an...
Chile readies major earthquake insurance with World Bank
“The insurance would allow Chile to receive pre-established compensation payments, in the event of certain high intensity parameterized seismic events that cause material damage to the country and public finances,” the ministry said in a statement Chile is finalizing...
Turkey Earthquakes: Total insured losses likely to exceed $5 billion,Moody’s RMS
Economic losses from the moment magnitude (Mw) Mw7.8 and Mw7.5 earthquakes that struck southern Turkey on February 6 are likely to exceed US$25 billion Observations from early damage reports issued by the Turkish Ministry of Environment, Urbanization, and Climate...
UNCDF partners with Howden to build climate resilience for vulnerable communities in Fiji
The flagship programme has developed and deployed the Pacific region’s first parametric microinsurance products in Fiji, Tonga and Vanuatu. Suva, Fiji: The UN Capital Development Fund (UNCDF) announced international insurance broker Howden as a new addition to its...
Demand for `International Insurance Programmes’ grow as APAC businesses expand beyond local borders:Aon
Natural catastrophe events continued to drive large losses and pressure marketconditions for property insurance. Changes to the reinsurance market, including higher costs and retentions, and some coverage restrictions, will drive rate increases for both local...
Aon’s rebuilding for resilience project addresses Hurricane Ian devastation
Dan Dick, global head of property analytics at Aon’s Reinsurance Solutions, said: “Our teams gained first-hand experience of the devastation caused by this historic hurricane, which allowed us to conduct thorough analyses and identify practical steps to improve...
Rising toll makes quake deadliest in Turkiye’s modern history
Confirmed deaths in Turkiye passed those recorded from the massive Erzincan earthquake in 1939 that killed around 33,000 people. Speaking in Ankara following a five-hour Cabinet meeting held at the headquarters of disaster agency AFAD, Erdogan said 47,000 buildings,...
New Zealand declares national emergency as Cyclone Gabrielle wreaks havoc
While New Zealand was now through the worst of the storm, more rain and high winds were expected. The country was suffering from extensive flooding, landslides and damage to roads and infrastructure, Kieran McAnulty, minister of emergency management said New Zealand...