Cat bonds one of the most prominent innovations in sustainable finance: IMF
According to a staff climate paper published by the International Monetary Fund (IMF), catastrophe bonds are one of “the most prominent innovations in the field of sustainable finance in the last 15 years,” but the organisation believes more use of them is needed to cover burgeoning catastrophe and climate risks. Catastrophe bonds sit alongside green […]
Munich Re: Natural disaster review for first half of 2022
In the first half of 2022, natural disasters caused overall losses of US$ 65bn, with slightly more than half of these insured Extreme multi-day rainfall and severe flooding in Australia constituted the main loss burden for the insurance industry of at least US$ 3.7bn US once again country with highest weather-related losses Number of fatalities […]
Climate change a far greater threat to global economy than Covid-19 pandemic amid rising intensity of heatwaves and floods, Swiss Re says
Climate change poses a bigger risk to long-term global economic growth than the ongoing Covid-19 pandemic, according to Swiss Re. The world just had the third warmest June on record last month, with the average temperature 0.32 degrees Celsius higher than the average for the month in the three decades to 2020, according to Europe’s […]
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 […]
CNN World: Xi Jinping brought Hong Kong to heel. Now he’s back in a city transformed
Hong Kong (CNN). Chinese flags flutter above streets and red celebratory banners line the harbor front, as a beaming crowd of masked officials and school children wave and chant in unison inside Hong Kong’s high-speed rail terminus, welcoming the arrival of Chinese leader Xi Jinping. In his first trip outside mainland China since the start of […]
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: – […]
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 […]
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 […]
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 […]
