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 […]
Inflation to drive insurance protection gap to new high in 2022: Swiss Re
The global insurance protection gap, or the gap between economic losses and those that are insured, increased again in 2021, reaching a new all-time high of US $1.42 trillion, according to reinsurance giant Swiss Re. The trend is expected to continue in 2022, with Swiss Re warning that the current inflationary environment is expected to […]
Risky business: Three exam questions from the Risk Pool Summit
The Centre for Disaster Protection works on how the international system can better protect people when disasters strike. With years of experimentation and iteration behind them, risk pools are an essential piece of the answer, offering predictable pay-outs for pre-agreed risks like earthquakes and droughts. CCRIF SPC (formerly The Caribbean Catastrophe Risk Financing Facility) has […]
New financing mechanism for climate action becomes operational
Helsinki, 30 June 2022 – A new finance mechanism to strengthen weather and climate observations, improve early warnings to save lives, protect livelihoods and underpin climate adaptation for long-term resilience has opened its doors for business. The Systematic Observations Financing Facility (SOFF) is a key building block for a new initiative spearheaded by United Nations Secretary-General General António Guterres to […]
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: – […]
Flood risk already affects 1.81 billion people. Climate change and unplanned urbanization could worsen exposure
Flooding is among the leading climatic threats to people’s livelihoods, affecting development prospects worldwide – and floods can also reverse years of progress in poverty reduction and development. While the threat is already substantial, climate change and rapid urbanization in flood zones are likely to further drive up flood risks. The latest Intergovernmental Panel on Climate Change report affirms the […]
China’s yuan and the Japanese yen “most vulnerable to climate change” – Barclays
China’s yuan and the Japanese yen are the currencies most vulnerable to climate change, according to a new report by Barclays. The bank looked at the effects of climate change on exchange rates, saying rising temperatures and associated economic costs could tank the value of the Chinese yuan and Japanese yen over 50% by 2070. The […]
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 […]
Index-based risk transfer essential to key societal issues: Speedwell Climate
Index-based risk transfer has a key societal role to play, in providing protection to support issues such as the renewable energy transition, covering extreme weather catastrophe events, and helping support access to scarce resources, newly renamed Speedwell Climate has said. Speedwell Weather Ltd. and its associated companies have been serving the need of parametric, or […]
CNN: Hundreds of thousands affected by floods, landslides as heaviest rain in 60 years hits southern China
(CNN) Almost half a million people have been affected by floods and landslides in the Chinese province of Guangdong, according to authorities, after parts of southern China were hit by the heaviest downpours in 60 years over the weekend. Flooding caused by the torrential rain has forced 177,600 people to relocate, destroyed 1,729 houses, damaged 27.13 […]