WEF: It’s not just climate change driving natural disaster losses
Climate change is contributing to rising losses from natural disasters, including increased damage to physical assets and disruption to business operations. But an underreported driver of losses is the growing number and value of exposed properties, such as those in floodplains. Organizations should set a baseline of risk to understand how natural disasters can impact […]
Philippines seeks cat bond event calculation for storm Megi (Agaton)
The Bureau of the Treasury of the Republic of the Philippines has issued a notice to the calculation agent of the World Bank issued IBRD CAR 123-124 catastrophe bond after the impacts of recent tropical storm Megi (locally known as storm Agaton), Artemis has learned. It’s the second calculation request the Philippines World Bank catastrophe bond […]
What’s behind South Africa’s flood disaster
South Africa, the continent’s most industrialised country, has largely escaped the tropical cyclones that regularly hit its neighbours. But last week, storms pummelled the east coast city of Durban, triggering heavy floods and landslides that killed more than 440. Here are the main questions behind the floods and devastation. FULL PUBLICATION HERE
Asia: Region exposed to biggest gap in flood protection
Extreme flood events once again drove high losses in 2021, accounting for 31% of global economic losses from natural catastrophes. Yet, 75% of flood risks remain uninsured, Swiss Re Institute reveals. FULL PUBLICATION HERE
Swiss Re raises 2021 nat cat insured losses to $111bn
The global insurance and reinsurance industry faced $111 billion of natural catastrophe losses in 2021, according to Swiss Re, which is a 6% increase on its $105 billion estimate from December. Global economic losses from natural catastrophes are estimated at $270 billion, making the protection gap significant again as just 41% of economic losses were […]
Mexico launches IDF-backed parametric climate solution for farmers
The Government of Mexico has announced the launch of a tripartite project to develop a sovereign parametric insurance solution for climate-vulnerable smallholder farmers, supported by investments in long-term risk finance and insurance market development. The solution represents a partnership between the Ministry of Finance & Public Credit, the Insurance Development Forum (IDF), the United Nations […]
Aon report reveals economic toll of nat cat events in Asia
Total economic losses due to natural disasters totalled US$72 billion (SG$97.7 billion) in 2021, according to Aon’s 2021 Weather, Climate and Catastrophe Insight report. Following three years of economic losses exceeding US$100 billion, Asia’s figure dropped to US$72 billion in 2021. Insurance covered only 9% of economic losses in Asia, compared to 38% of the $343 […]
InsuResilience Solutions Fund supports climate risk insurance for family farms in Serbia and North Macedonia
Serbia and North Macedonia, two Balkan countries situated in Southeast Europe, are strongly affected by extreme weather events. Over the last years, excess rainfall, long-lasting precipitation periods and snowmelt have caused unprecedented floods. In May 2014, Serbia suffered the heaviest rainfall and worst flooding since records began 120 years ago, causing losses above USD 2 […]
Brazil publishes “Letra de Risco de Seguro” rules for ILS securitization
The Brazilian government has published new legislation in its official gazette for what are being termed “Letra de Risco de Seguro”, or LRS and translates to Letter of Insurance Risk, which are insurance-linked securities (ILS) laws, as the country looks to encourage risk transfer and reinsurance to the capital markets. We’ve explained before that Brazil’s […]
Drought-affected Mali to benefit from $7.1m ARC replica payout via the WFP
More than 204,000 people in drought-affected parts of Mali are set to benefit from a $7.1 million payout by the African Risk Capacity (ARC) to the United Nations World Food Program (WFP), an ARC replica technical partner which has been subscribing to the climate insurance policy in Mali since 2017. The ARC replica program was […]