The Article 6.4 mechanism is seen as an important tool in bridging...
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Disaster & Management
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Multiple climate disasters trigger first ever Red Cross disaster insurance pay-out
The IFRC policy with insurance broker Aon is the first of its kind...
Flood risk: protective measures up to ten times more cost-effective than rebuilding: Swiss Re study
Flood risk is set to increase due to climate change and urban...
Cyclone Sitrang: IMD issues advisory, suspends offshore activities in north Bay of Bengal
“Due to the cyclonic storm over West Central Bay of Bengal and adjoining East Central Bay of Bengal and its likely intensification into a severe cyclonic storm, fishermen are advised not to venture into the sea till 25th Ocober’2022,” IMD’s statement said. Kolkata: In...
Natural disasters cost global economy over $227 billion till Q3 2022: Aon Cat Report
Michal Lörinc, head of catastrophe insight in Aon’s Impact Forecasting team, said: “It is anticipated that there will be robust loss development across many of the reported natural catastrophes, especially with the realization of costs associated with recent tropical...
Hurricane Ian fallout will test Cat Bond investor appetite
Cat bonds are approximately 30% of the ILS market. Commentary from the Monte Carlo Rendezvous 2022 indicated a pipeline of ILS deals of $5 bil. of additional reinsurance capacity, which would benefit insurers facing a hardening market New York: Reinsurers facing...
Australian banks may have to rethink mortgages in risk areas -NAB
Ross McEwan, chief executive officer of National Australia Bank Ltd said that as devastating floods become more frequent it raises questions about whether banks will help people buying assets in flood-prone areas and what the cost will be Australian banks may have to...
U.S. Treasury proposes a new rule to collect data on climate-related risks from P&C insurers
U.S. Treasury Secretary Janet Yellen has pressed U.S. financial regulators to make assessment of climate change risks a normal part of their everyday work, including a demand that companies increase disclosures of such risks to investors Treasury said the proposed...
Drones-manufacturer Garuda Aerospace signs MOU with NDRF
Garuda Aerospace, in a statement here, said the company has become the first start-up to be enlisted as a 'drone-as-a-service' partner for the NDRF Chennai-based drone-maker would deploy the quadcopter named 'Droni' for surveillance, monitoring movements and...
Sikkim working on new disaster risk reduction framework: CM
Prem Singh Tamang, Chief Minister,Sikkim ''The state government is continuously working together with all the Himalayan states and other stakeholders to establish a new disaster risk reduction framework for the region in order to deal with natural disasters,'' said...
Odisha starts prepping for upcoming ‘cyclone season’
''Odisha usually witnesses the wrath of cyclones during the withdrawal of monsoon in October and November. Odisha's geographical situation and climate change have also caused cyclones during the summers since 2019,'' . Bhubaneswar: The Odisha government has asked its...
Govt will make Assam flood-free in five years, Amit Shah assures people
Amit Shah, Union Home Minister According to the July data of Assam State Disaster Management Authority (ASDMA), nearly 8.9 million people in the state were affected by the flood and landslides as it claimed 192 lives in the state till then and around 2.40 lakh...
Asian Development Bank to provide $2.3-$2.5 bn for flood ravaged Pakistan
According to the federal government's estimate, the floods have caused a collective loss of more than USD 40 billion Islamabad: The Asian Development Bank on Wednesday announced that it will provide USD 2.3 to 2.5 billion for relief operations in the wake of...