London’s dominance in insurance-market infrastructure makes it an...
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Europe faces prolonged heatwave amid rising fire and electricity risks
Climate change is intensifying periods of extreme heat on the...
Allianz warns of rising uninsurable assets
Extreme weather events — such as the heat wave gripping Europe —...
Sri Lanka shuts offices, schools as 56 killed due to floods and landslides
More than 25 people were killed Thursday in landslides in the central mountainous tea-growing regions of Badulla and Nuwara Eliya, which is about 300 kilometres east of the capital, Colombo. Another 21 people were missing and 14 were injured in the Badulla and Nuwara...
Heavy rainfall unleashes deadly floods across Southeast Asia
Total number of confirmed dead in Vietnam is now 91.Flooding in southern Thailand has killed at least 13 people and swamped around 800,000 households and rubber- and palm oil-producing areas. In Peninsular Malaysia, more than 16,000 people have been displaced, while...
G20 Summit: PM Modi calls for stronger global cooperation on disaster preparedness, Climate Change, open satellite data access
Narendra Modi, Prime Minister, India "Recalling the commitments made at the 2023 New Delhi G20 Summit to triple renewable energy capacity and double energy-efficiency rates by 2030, Modi urged developed nations to deliver affordable climate finance and technology on...
Willis and Rare partners to launch innovative insurance solution for fishers in the Philippines
Christopher Au, Head of APAC Climate Risk Centre, at Willis, said: “With over 1.9 million registered small-scale fishers relying on the nearshore for their livelihoods, the impacts of climate change, such as high winds, rough seas and heavy rainfall, pose increasing...
Super Typhoon Fung-wong slams into Philippines, two dead
The typhoon could cover two-thirds of the Southeast Asian archipelago with its 1,800-kilometre-wide rain and wind band, forecasters said. It approached from the Pacific while the Philippines was still dealing with the devastation wrought by Typhoon Kalmaegi, which...
Hurricane Melissa to trigger Jamaican Cat Bond, reinsurance losses
Hurricane Melissa will trigger the $150 million, International Bank for Reconstruction and Development (IBRD) Capital-at-Risk (CAR) Jamaica 2024 parametric catastrophe (cat) bond. New York: Fitch Ratings expects minimal disruption to the global (re)insurance sector...
World’s first Climate Resilience Bond issued by Tokyo Metropolitan Government
“This new bond label is a notable development for the market.The bond’s oversubscription “signals that the market is ready to allocate capital to these types of investments,”Melissa Cheok, associate director at Sustainable Fitch The Tokyo Metropolitan Government...
Hurricane Melissa makes Cuba landfall after lashing Jamaica
The hurricane is expected to result in property damages costing between $5 billion and $10 billion in Jamaica, according to an estimate by Cotality, a property intelligence company. Hurricane Melissa made landfall in Cuba less than a day after it became the strongest...
Catastrophe bond investors brace for Jamaica payout
Depending on exactly where Melissa hits Jamaica, total losses may range from $5 billion to $16 billion, according to Chuck Watson, a disaster modeler with Enki Research. Investors in a catastrophe bond tied to Jamaica look set to experience a trigger event as...
Cyclone Montha: Two dead in Andhra, crops suffer damage, CM Naidu says state minimised loss
N Chandrababu Naidu,Chief Minister , Andhra Pradesh Citing preliminary estimates, the government had noted on Tuesday that standing agricultural crops in as many as 38,000 hectares were destroyed due to the impact of Montha and horticulture crops in 1.38 lakh hectares...