The survey also revealed that regulation and reputation risk have...
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Lawsuits targeting ‘Climate Washing’ becoming more frequent
Over 2023 some 233 new climate-related cases were filed worldwide,...
After Oil, Russia may be building a shadow fleet for gas
Gas is key to the Kremlin’s plans to boost exports, replenish...
More people displaced due to climate disasters than conflicts in 2020
People who migrated domestically due to extreme weather events rose to 30.7 million, or 75% of those uprooted within their borders, according to a report by the Internal Displacement Monitoring Centre.
Africa Specialty Risks Group becomes reinsurer in Mauritius
ASR is focused on becoming the partner of choice to corporations through the provision of comprehensive and bespoke risk mitigating insurance solutions, and offers capacity across Property, Construction, Political Risk, Trade Credit, Energy, Liability and PVT (War, Political Violence and Terrorism), with further lines of business being developed.
Australian general insurers welcome `Bushfire Funding’, say Tax Rise ‘Unsustainable
The federal government’s allocation of A$1.2 billion (US$931 million) over five years to improve Australia’s capability to prepare for, respond to, and recover from natural disasters and now the Victorian government’s A$517 million investment in bushfire specific resilience initiatives will protect communities vulnerable to the impact of extreme weather and natural disasters,the ICA said in a statement.
“This welcome news is tempered, however, by the Victorian budget’s projections that revenue from insurance stamp duty will increase by almost one-third over the budget estimates, rising 29% from A$1.517 billion in 2020-21 to A$1.959 billion [US$1.519 billion] in 2024-25,” the ICA explained.
IEA’s urgent fossil fuel warning earns mixed reception from producers
The United States, Britain, Canada, France, Germany, Italy and Japan, plus the European Union, said in a joint statement: “international investments in unabated coal must stop now”.
Biden doubles U.S. spending on preparations for extreme weather
The $1 billion will help communities prepare for hurricanes, floods and wildfires, with a portion allotted specifically to disadvantaged communities, the White House said.
It said the United States had 22 separate weather- and climate-related disasters in 2020 costing a total of nearly $100 billion in losses.
Africa Specialty Risks unveils Parametric Underwriting Division
Mikir Shah, CEO of ASR, commented: “The establishment of the parametric division demonstrates our commitment to de-risking investment and increasing resilience across the African continent. Our vision is to unlock greater and more streamlined protections for insureds, ensuring that inward investment in Africa continues to boost economic activity and growth on the continent, via the integration of innovative, technological solutions.
Indian ports on east coast restrict activities ahead of cyclone
The Indian Meteorological Department (IMD) has warned that a “very severe cyclonic storm” would impact Indian states including Odisha and West Bengal, where key ports are located.
Macron calls for WHO powers to be boosted, Merkel backs call for pandemic treaty
Macron and German Chancellor Angela Merkel, in separate pre-recorded remarks to the WHO’s annual ministerial assembly, called for the U.N. agency’s funding to be improved and backed the idea of a new international treaty to prevent pandemics.
As China grows old, elder care costs loom large
According to the National Bureau of Statistics (NBS), in about 25 years, one-third of China’s population will be retirees, and their living and health care expenses will take up one-fourth of the country’s Gross domestic product (GDP). Moreover, China’s increasing elderly population will reduce the supply of labor force and increase the burden on families’ elder care and the pressure on the supply of basic public services.
AIIB strengthens its Environmental and Social Standards
The ESF guides AIIB and its clients in the management of environmental and social risks and impacts of AIIB-financed projects.
Originally adopted in February 2016, the ESF serves as the cornerstone of AIIB’s commitment to supporting environmentally and socially sustainable infrastructure projects for its clients.