World Bank unveils catastrophe risk financing project for Myanmar

World Bank unveils catastrophe risk financing project for Myanmar

World Bank unveils catastrophe risk financing project for Myanmar

The World Bank has revealed a new project in Myanmar that aims to strengthen the country’s capacity to respond to disaster risks, and provides $116m in risk financing. Disasters cost Myanmar more than $184m annually and disproportionally hurt the poor, according to the bank. The Myanmar Southeast Asia Disaster Risk Management Project, approved last week by the World Bank’s board…

Cyclone Debbie insured losses expected to peak at $900m

Cyclone Debbie insured losses expected to peak at $900m

Cyclone Debbie insured losses expected to peak at $900m

The total insured losses from Cyclone Debbie have reached $897m, with just a minimal amount of claims expected to trickle in. According to the Insurance Council of Australia (ICA), insurers have received 56,135 claims related to the Category 4 storm that struck Airlie Beach on the Queensland coast on 28 March and caused widespread damage to Queensland, New South Wales…

Parametric insurance: closing the protection gap in Asia

Parametric insurance: closing the protection gap in Asia

Parametric insurance: closing the protection gap in Asia

As a region, Asia is particularly prone to natural disasters and extreme weather events such as earthquakes, floods, droughts, heatwaves and tropical cyclones. According to a report published by the Swiss Re Institute in February 2017, economic losses from natural catastrophes and man-made disasters in Asia amounted to $83bn in 2016, representing almost half of the world’s total. While the…

Global insurance rates fall for 16th quarter, but pace of decline slows

Global insurance rates fall for 16th quarter, but pace of decline slows

Global insurance rates fall for 16th quarter, but pace of decline slows

Global insurance rates have now fallen every quarter for the past four years, but the rate of decline slowed for the fifth consecutive quarter, finds Marsh’s Global Insurance Market Index. In continental Europe, however, rates fell slightly more in the first quarter of 2017 than Q4 of last year, and in the UK the rate of decline was static. The…

Swiss Re makes key appointments in Asia

Swiss Re makes key appointments in Asia

Swiss Re makes key appointments in Asia

Swiss Re has hired a number of senior executives to head up its new property and casualty reinsurance underwriting hub in Singapore, while its corporate insurance practice – Swiss Re Corporate Solutions (SRCS) – has made two senior appointments. Jonathan Rake will become SRCS chief executive for Asia-Pacific, taking over from Fred Kleiterp who has been appointed chief executive for…

Swiss Re launches parametric insurance for Taiwan aquaculture

Swiss Re launches parametric insurance for Taiwan aquaculture

Swiss Re launches parametric insurance for Taiwan aquaculture

Global reinsurer Swiss Re has partnered with local specialist insurer Taiwan Fire & Marine Insurance to launch what it claims is the first parametric insurance policy for Taiwan’s fish farmers. The product will provide them with cover against extreme rainfall in Ping Tung county, a centre of agriculture and tourism in southern Taiwan. Parametric insurance uses pre-defined triggers to determine…

Philippine non-life market must focus on profit not volume: AM Best

Philippine non-life market must focus on profit not volume: AM Best

Philippine non-life market must focus on profit not volume: AM Best

The Philippine non-life market has enjoyed solid premium growth in recent years and continues to grow at a faster rate than other major Southeast Asian non-life markets, which have slowed in recent times. Non-life insurers in the Philippines continue to enjoy faster premium growth than the local economy. But, as elsewhere in the region, this premium growth has not been…

Nat cat data firm estimates Cyclone Debbie loss at $820m

Nat cat data firm estimates Cyclone Debbie loss at $820m

Nat cat data firm estimates Cyclone Debbie loss at $820m

A Zurich-based catastrophe insurance data provider, Perils, has estimated the total insured property losses from Cyclone Debbie at more than A$1.1bn ($820m). The storm caused significant wind damage across the northeast of New South Wales and the southeast of Queensland from the point it made landfall on 28 March through to early April. The peak windspeed of the storm was…

Insured losses from Cyclone Debbie to top $1.3bn: Swiss Re

Insured losses from Cyclone Debbie to top $1.3bn: Swiss Re

Insured losses from Cyclone Debbie to top $1.3bn: Swiss Re

Total insured losses resulting from cyclone Debbie are estimated to cost at least $1.3bn due to a significant number of commercial and corporate claims, according to reinsurer Swiss Re. The tropical cyclone hit the Queensland coast in late March, causing five fatalities and widespread flooding and property damage, including the loss of electricity for 68,000 people. Classified as a Category…

US catastrophes exceed $2bn loss in March

US catastrophes exceed $2bn loss in March

US catastrophes exceed $2bn loss in March

Natural catastrophe events in the US last month are expected to cost insurers more than $2bn, according to Aon Benfield’s latest figures. Impact Forecasting’s Global Catastrophe Recap for March explains that severe weather in the US since the beginning of the year continued last month, with four more events causing damage in central and eastern parts of the country. Tornadoes,…

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