Lessons from Australia’s one-in-a-1,000-year event
The recent floods in Queensland and New South Wales have taken a heavy toll on Australia. However, amidst the losses, valuable lessons can be learned as well: In several communities, flood-mitigation paid off. HDI Global’s Mr Stefan Feldmann reflects on how we live with our changing environment. In March 2022, a severe weather system combined with La Niña […]
Aussie deep science startup Reask is calculating climate catastrophe on a global scale
Reask co-founder Nick Hassam is speaking at InsurTech Connect Asia in Singapore this week as part of an AusTrade delegation to explain how the company uses data, technology and high-performance computing for climate catastrophe risk modelling. His return to Asia is poignant, since the last time he visited was five years ago for the 15th […]
Insured loss from 2022 Australia floods rises to $4.3 billion: ICA
The Insurance Council of Australia (ICA) has reported a 28% rise in the cost of the severe flooding across Southeast Queensland and Northern New South Wales earlier this year, making it the country’s fourth costliest natural disaster event. As of Tuesday May 31st, 2022, insurance and reinsurance industry losses from the floods are estimated at […]
Centre for Disaster Protection adds World Bank ILS expertise
The UK-funded Centre for Disaster Protection has announced a number of new additions to its team, with an experienced disaster risk financing expert joining it from her most recent role at the World Bank, where she had worked on catastrophe bonds and insurance-linked securities (ILS) arrangements. The Centre for Disaster Protection was launched in 2017 […]
Hurricane Agatha to slam Mexico. Unlikely to trouble World Bank cat bond
Hurricane Agatha is verging on reaching major Category 3 storm status as it nears the Mexican coastline with 110 mph sustained winds, but the central pressure remains far higher than would be needed to trigger the Government of Mexico’s World Bank issued catastrophe bond. Hurricane Agatha formed over the weekend and rapidly intensified as it […]
PHILLIP PETTERSEN: Jacking up disaster risk control by building back on higher ground
SA is getting more susceptible to climate change dangers as informal settlements grow 146% The storms preceding the recent KwaZulu-Natal floods were part of a normal weather system known as a cut-off low that is often responsible for excess rain and cold. But experts say the intensity of the deluge was due to climate change […]
No additional Philippines cat bond pay out for typhoon Rai’s rains
Having already been triggered and paid out US $52.5 million, we’ve now learned the Philippines governments World Bank issued IBRD CAR 123-124 catastrophe bond will not face any additional loss of principal because of the rainfall from super typhoon Rai (locally known as Odette). We reported back in January that the Philippines government would make a […]
NW Pacific typhoon season forecast 20% below-norm on La Niña
The Northwest Pacific typhoon season, which is one of the peak zone perils for reinsurance, catastrophe bond and other insurance-linked securities (ILS), is forecast to see activity levels roughly 20% below-normal, as the effects of La Niña are increasingly expected to last through summer and into Autumn. Tropical Storm Risks (TSR), an insurance and reinsurance […]
Climate-vulnerable countries gain resilience through disaster risk finance and insurance
New UNDP initiative addresses underlying challenges to building resilience through disaster risk finance and insurance in Least Developed Countries (LDCs) and Vulnerable Twenty (V20) countries. In 2021, economic losses from disasters caused by natural hazards totalled almost $270 billion. The impact of disasters can significantly undermine development progress and push communities deeper into poverty, making them […]
Jamaica cat bond may grow, or expand to cover Caribbean: World Bank MD
When a renewal comes up for consideration for the first catastrophe bond transaction to be sponsored by Jamaica, there is already some discussion regarding the need for a larger cover to be in place, or for it to be expanded to cover additional Caribbean island nations, a World Bank Managing Director has said. Speaking with […]
