Pakistan minister cites catastrophe bonds as workable climate finance solution

At a recent climate finance focused event, Pakistan’s Minister for Climate Change, Sherry Rehman, called on international governments to place climate finance and losses at the heart of COP 27 talks next year, with catastrophe bonds one instrument seen as having a role. Loss and damage has been a key sticking point in climate talks […]

Asia Insurance Review: Hybrid solutions for China’s natural catastrophes

Even as countries across the globe grapple with climate change, alternate risk transfer mechanisms like parametric solutions are emerging as the best option. Phoenix CRetro Reinsurance’s Mr Kirill Savrassov and Tenax Capital’s Mr Toby Pughe spoke with Asia Insurance Review. By Anoop Khanna According to a PwC report published in May 2022, the insurance protection gap could reach $1.86tn by 2025 and […]

Cat bonds one of the most prominent innovations in sustainable finance: IMF

According to a staff climate paper published by the International Monetary Fund (IMF), catastrophe bonds are one of “the most prominent innovations in the field of sustainable finance in the last 15 years,” but the organisation believes more use of them is needed to cover burgeoning catastrophe and climate risks. Catastrophe bonds sit alongside green […]

Munich Re: Natural disaster review for first half of 2022

In the first half of 2022, natural disasters caused overall losses of US$ 65bn, with slightly more than half of these insured Extreme multi-day rainfall and severe flooding in Australia constituted the main loss burden for the insurance industry of at least US$ 3.7bn US once again country with highest weather-related losses Number of fatalities […]

China’s parametric catastrophe insurance to expand to Henan Province

Henan Province is the latest in China to announce a pilot program for parametric catastrophe insurance, with an initial focus on extreme rainfall and flood coverage. Henan’s local government said that the pilot will allow the region to adopt the parametric catastrophe insurance, with rainfall related triggers for city and municipality covers, as well as […]

CNN World: Xi Jinping brought Hong Kong to heel. Now he’s back in a city transformed

Hong Kong (CNN). Chinese flags flutter above streets and red celebratory banners line the harbor front, as a beaming crowd of masked officials and school children wave and chant in unison inside Hong Kong’s high-speed rail terminus, welcoming the arrival of Chinese leader Xi Jinping. In his first trip outside mainland China since the start of […]

London workshop with Twelve Capital and African Risk Capacity

Climate change leads to a larger protection gap of which 96% is in the developing world* Twelve Capital held a workshop with high calibre market players to discuss how natural catastrophe risks can be transferred to financial markets for disaster relief in emerging markets. Against the backdrop of Impact Investing some highlights covered were: – […]

Afghanistan: Earthquake – Jun 2022

According to the World Health Organization (WHO), after the 5.9 M earthquake occurred on 21 June in Spera District (Khost Province, eastern Afghanistan), 1,039 people have died, 2,949 people have been injured and 4,500 houses have been partially or fully damaged across Paktika and Khost Provinces. The most affected Districts are Giyan, Barmal, and Ziruk […]