Japan, Singapore and World Bank to back cat programme for low-income Asian nations

Japan, Singapore and World Bank to back cat programme for low-income Asian nations

Japan, Singapore and World Bank to back cat programme for low-income Asian nations

The governments of Japan and Singapore, along with the World Bank, are reportedly developing a natural catastrophe protection programme for lower-income Asian countries that could be launched in the Spring of this year, according to the Nikkei Asian Review. According to the report, Myanmar and Laos will be the first to receive cover under the scheme to protect national infrastructure…

Japanese insurers come under increased pressure over coal industry support

Japanese insurers come under increased pressure over coal industry support

Japanese insurers come under increased pressure over coal industry support

The pressure on Japanese insurers and wider financial services groups to pull their backing from the climate-damaging coal sector has been intensified in recent weeks, as Japan’s environment minister Shinjiro Koizumi publicly stated that the use of public funds for the Vung Ang 2 coal-fired power-generation project in Vietnam was inconsistent with policies of the Japanese government. Mr Koizumi’s statement…

IAG secures an extra $1bn cat reinsurance cover as bushfire claims soar

IAG secures an extra $1bn cat reinsurance cover as bushfire claims soar

IAG secures an extra $1bn cat reinsurance cover as bushfire claims soar

Insurance Australia Group (IAG), the biggest non-life insurer in Australia and New Zealand, has announced that it has finalised its catastrophe reinsurance programme for the 2020 calendar year, not surprisingly increasing its gross reinsurance protection to up to $10bn compared with $9bn for 2019, but at surprisingly stable costs. Rival insurer Suncorp Group has also revealed that it increased its…

Fitch says reinsurance cover should help Australian insurers manage bushfire claims

Fitch says reinsurance cover should help Australian insurers manage bushfire claims

Fitch says reinsurance cover should help Australian insurers manage bushfire claims

Credit ratings agency Fitch Ratings has said that reinsurance protection and increased natural hazard allowances should help major non-life insurers contain their earnings volatility that may stem from the devastating bushfires in Australia. The agency added, however, that reinsurance protection for the fires will be subject to the inception dates and duration of the events. “Prolonged fires could exhaust insurers’…

Risk managers must act to tackle climate change as premiums soar in Australia

Risk managers must act to tackle climate change as premiums soar in Australia

Risk managers must act to tackle climate change as premiums soar in Australia

Australian risk managers, particularly those in the tourism industry, must brace themselves for tough renewals during 2020 as the bushfires that have devastated the country during the last two months continue to rage. A leading tourism association executive warned only last month that any “responsible” risk manager would accept that the mounting evidence of the dramatic impact of climate change…

Australian insurers advise government to focus on risk prevention as bushfires rage

Australian insurers advise government to focus on risk prevention as bushfires rage

Australian insurers advise government to focus on risk prevention as bushfires rage

The Insurance Council of Australia (ICA) has advised the Australian Government to significantly shift the focus of disaster relief towards mitigation and protection, and also to carry out a major reform of insurance-based taxes to ensure that homes and businesses are adequately protected, as it prepares its 2020-2021 budget. The ICA’s call came at the end of 2019, as the…

Five megatrends mean company directors face heightened D&O risk according to Allianz

Five megatrends mean company directors face heightened D&O risk according to Allianz

Five megatrends mean company directors face heightened D&O risk according to Allianz

Company executives are facing five “megatrends” that are set to create a heightened risk environment for D&O liability in 2020 and further challenge the profit margins of D&O insurers, according to Allianz Global Corporate & Specialty (AGCS), which said it has seen double-digit growth in D&O claims in the past five years. ‘Bad news’ or event-based claims have driven a…

Corporates urged to step up climate disclosure as liability and regulatory risk gather pace

Corporates urged to step up climate disclosure as liability and regulatory risk gather pace

Corporates urged to step up climate disclosure as liability and regulatory risk gather pace

A failure by corporates to improve climate risk disclosure would invite further regulation, according to experts taking part in a webinar hosted by Commercial Risk. Panellists agreed that while it is “early days” for companies adopting the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD), some corporates are not taking the measures seriously enough. Neil Beresford, a partner…

National approach needed to combat devastating climate change impact in Australia

National approach needed to combat devastating climate change impact in Australia

National approach needed to combat devastating climate change impact in Australia

Rising temperatures will lead to “dramatic changes” in the frequency and intensity of extreme weather in Australia, according to a report released by Australia’s biggest non-life insurer IAG and the US National Center for Atmospheric Research (NCAR). The report, Severe Weather in a Changing Climate, includes the latest data on the state of the climate and predictions on future extreme…

Australian Reserve Bank warns that climate change could threaten viability of insurance sector

Australian Reserve Bank warns that climate change could threaten viability of insurance sector

Australian Reserve Bank warns that climate change could threaten viability of insurance sector

The Reserve Bank of Australia (RBA) has warned that if investors and financial institutions do not take the impact of climate change more seriously, there is a good chance that critical business and personal risks will become increasingly uninsurable. The bank also warns in its latest Financial Stability Review that if insurers fail to price the related risks accurately enough,…

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