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Himalayan Flood Fury: Death toll rises to 469 as lake poses new flood threat,1,500 people are missing
Scientists who’ve studied satellite images said bedrock underneath...
Climate change reshaping health outcomes and straining healthcare systems in Asia
The annual financing gap for health-focused climate adaptation...
Japan earthquake halts auto and chip plants, testing supply chain resilience
Given Japan’s proneness to natural disasters, manufacturers have for decades sought to strengthen the resilience of parts supply and this latest quake, which has claimed the lives of 34 people, will be a test of how robust their efforts have been. The 7.1-magnitude...
Insurers are ‘Actively Evaluating’ new catastrophe risks as Europe burns
Historical data no longer provide an adequate foundation on which to base loss probabilities, which is why the industry now relies “heavily” on forward-looking scenario analysis, Aon’s Bruce said. And Europe’s ability to generate reliable catastrophe risk models will...
Houthis’ Red Sea attacks prompt London insurers to widen high-risk zone
War risk premiums for voyages through the southern Red Sea have already jumped to between 1% to 2% of the value of a ship from 0.3% before the Houthi announcement, sources have said.. Attacks on ships by Yemen’s Houthis have prompted London’s marine insurance market...
Japan earthquake’s insurance claims may top $1.1 billion: Bloomberg Intelligence
Most of the exposure from the July 28 quake in Kumamoto is tied to commercial properties, as well as residential coverage under Japan’s earthquake insurance system, he said. Insurance claims from this week’s earthquake in Japan may top the 175 billion yen ($1.1...
Global CAT losses at nearly $112bn, only $44bn insured: Munich Re
Thomas Blunck,Member of the Board of Management. The first half of the year has provided a welcome breather from previous years of high natural disaster losses. But climate change and growing exposure persist, increasing the risk of larger losses in the future. The...
Willis urges smarter data centre insurance buying as capacity demand nears $15billion
"Buying more insurance is not always the same as being better protected. When risks are properly modelled, understood and mitigated, clients can build more efficient, resilient insurance programs that reflect their actual exposures. This is especially important where...
Fitch warns AI market correction emerging as major global credit risk
“The extent to which capital markets and economies have become intertwined with AI have created a vulnerability for credit,” Fitch said. The AI boom and the risk of a correction are emerging as major global credit risks, ratings agency Fitch has warned, adding to...
Red Sea shipping slows as security threats, insurance curbs reshape vessel routes: S&P Global
S&P Global said daily traffic through the Bab el-Mandeb remained subdued, recording 32 vessel transits on July 26 after 26 on July 25 and 36 on July 24. The decline coincided with reports that several major insurers had suspended war-risk cargo cover for...
Tankers divert to Egypt as Houthi threat disrupts Red Sea
Over the past week, only Chinese ships and vessels owned by countries friendly with Iran have continued to transit Bab el Mandeb, while western tankers and more risk-averse Asian shippers have opted for the costlier and longer route via the Suez Canal. Empty...
Iran proposes temporary Hormuz plan giving itself greater control over transit lines
Deputy Foreign Minister Kazem Gharibabadi said Tehran rejected an Omani proposal for an equal division of transit routes between the two countries, saying such a plan did not address Tehran's security concerns until long-term regional stability is achieved. DUBAI:...