Zambia’s ARC parametric drought insurance to payout US $5.3m
The African Risk Capacity (ARC) has paid out and already disbursed US $5.3 million to the Government of Zambia after the African nations parametric drought insurance coverage was triggered. A symbolic US $5.3 million cheque was presented to the Zambian Government by representatives of the African Risk Capacity Group and the African Development Bank, with […]
10th OECD/ADB Asian Regional Roundtable on Macroeconomic and Structural Policies
Description The OECD-AMRO-ADB/ADBI-ERIA Asian Regional Roundtable convenes leading experts to discuss issues at the fore of recent economic developments in the region. Previous roundtables were held in Singapore, Manila, Tokyo, Jakarta, and most recently virtually due to the COVID-19 pandemic. Recent topics have included US spillovers to Asian economies, financial reform and financial inclusion, digital […]
ILS helps Hong Kong’s financial market diversify: Paul Chan
The passage of insurance-linked securities (ILS) legislation and now the successful issuance of a second catastrophe bond in the country, helps Hong Kong as it continues on its mission to further diversify its financial market and services sectors, according to Financial Secretary Paul Chan. With the recent completion of Hong Kong headquartered reinsurance firm Peak […]
NZ Earthquake Commission grows reinsurance program to record size
Despite the hardening of global reinsurance markets, the New Zealand Earthquake Commission (EQC), the state-owned residential property disaster insurance entity, has expanded its reinsurance program to a record size of $7.2 billion of protection. A year ago, the New Zealand Earthquake Commission (EQC) said that its reinsurance tower provided almost $7 billion of coverage for […]
ILS gains attention as climate change felt around the world: HK IA’s Cheung
On announcing the completion of the second catastrophe bond issuance domiciled in Hong Kong, the Insurance Authority’s CEO Clement Cheung explained that insurance-linked securities (ILS) are a focus as they gain increasing attention. The Insurance Authority said that it welcomes the second issuance of insurance-linked securities (ILS) in Hong Kong. As we’ve been reporting for […]
Aon on insurance broker’s role in disaster resilience
“Few and far between” wouldn’t be the phrase to describe the natural disasters that are hitting New Zealand with increased severity and frequency – and in a country that is prone to a range of these hazards, Aon says catastrophe modelling is of extreme importance. Similarly, insurance brokers have a crucial role to play if insureds are […]
Malawi to receive parametric drought insurance payout from ARC
The African Risk Capacity (ARC) will make at least a US $14.2 million payout to benefit the people of Malawi, after the country’s parametric drought insurance coverage was triggered. The climate insurance pay-out will be made by African Risk Capacity (ARC) Limited to the Malawian government in June, after the country experienced its driest season […]
Funding needed for climate disasters has risen ‘more than 800%’ in 20 years
The funding needed by UN climate disaster appeals has soared by more than 800% in 20 years as global heating takes hold. But only about half of it is being met by rich countries, according to a new report by Oxfam. Last year was the third costliest on record for extreme weather events such as droughts, floods […]
Lessons from Australia’s one-in-a-1,000-year event
The recent floods in Queensland and New South Wales have taken a heavy toll on Australia. However, amidst the losses, valuable lessons can be learned as well: In several communities, flood-mitigation paid off. HDI Global’s Mr Stefan Feldmann reflects on how we live with our changing environment. In March 2022, a severe weather system combined with La Niña […]
Aussie deep science startup Reask is calculating climate catastrophe on a global scale
Reask co-founder Nick Hassam is speaking at InsurTech Connect Asia in Singapore this week as part of an AusTrade delegation to explain how the company uses data, technology and high-performance computing for climate catastrophe risk modelling. His return to Asia is poignant, since the last time he visited was five years ago for the 15th […]