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 […]
Zambia’s ARC parametric drought insurance to payout US $5.3m
The African Risk Capacity (ARC) has paid out and already disbursed US $5.3 million to the Government of Zambia after the African nations parametric drought insurance coverage was triggered. A symbolic US $5.3 million cheque was presented to the Zambian Government by representatives of the African Risk Capacity Group and the African Development Bank, with […]
10th OECD/ADB Asian Regional Roundtable on Macroeconomic and Structural Policies
Description The OECD-AMRO-ADB/ADBI-ERIA Asian Regional Roundtable convenes leading experts to discuss issues at the fore of recent economic developments in the region. Previous roundtables were held in Singapore, Manila, Tokyo, Jakarta, and most recently virtually due to the COVID-19 pandemic. Recent topics have included US spillovers to Asian economies, financial reform and financial inclusion, digital […]
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 […]
NZ Earthquake Commission grows reinsurance program to record size
Despite the hardening of global reinsurance markets, the New Zealand Earthquake Commission (EQC), the state-owned residential property disaster insurance entity, has expanded its reinsurance program to a record size of $7.2 billion of protection. A year ago, the New Zealand Earthquake Commission (EQC) said that its reinsurance tower provided almost $7 billion of coverage for […]
ILS gains attention as climate change felt around the world: HK IA’s Cheung
On announcing the completion of the second catastrophe bond issuance domiciled in Hong Kong, the Insurance Authority’s CEO Clement Cheung explained that insurance-linked securities (ILS) are a focus as they gain increasing attention. The Insurance Authority said that it welcomes the second issuance of insurance-linked securities (ILS) in Hong Kong. As we’ve been reporting for […]
Aon on insurance broker’s role in disaster resilience
“Few and far between” wouldn’t be the phrase to describe the natural disasters that are hitting New Zealand with increased severity and frequency – and in a country that is prone to a range of these hazards, Aon says catastrophe modelling is of extreme importance. Similarly, insurance brokers have a crucial role to play if insureds are […]
Malawi to receive parametric drought insurance payout from ARC
The African Risk Capacity (ARC) will make at least a US $14.2 million payout to benefit the people of Malawi, after the country’s parametric drought insurance coverage was triggered. The climate insurance pay-out will be made by African Risk Capacity (ARC) Limited to the Malawian government in June, after the country experienced its driest season […]
Funding needed for climate disasters has risen ‘more than 800%’ in 20 years
The funding needed by UN climate disaster appeals has soared by more than 800% in 20 years as global heating takes hold. But only about half of it is being met by rich countries, according to a new report by Oxfam. Last year was the third costliest on record for extreme weather events such as droughts, floods […]
