Nat Cat

Suncorp's FY25 reinsurance renewal bumps main cat limit, axes QLD quota share

July 5 2024

Cost of program expected to be broadly in line with FY24 renewal.

japan-sees-two-of-four-global-nat-cat-events-over-us1bn-in-h1-2024-cresta

Japan hit with two billion-dollar cat events in first half of 2024: CRESTA

July 2 2024

Japan accounts for two of four events that exceeded US$1bn in insurance losses in CRESTA's international (non-US) loss data.

insurers-face-systemic-change-as-climate-cyber-and-tech-risks-rise-say-panellists

APAC insurers face systemic change due to evolving climate, cyber, and tech risks, say panellists

July 2 2024

Protection gaps are visible across APAC and insurance providers need to adapt, said industry experts at the Digital Insurance APAC conference.

NatCat - 2023 Australias Christmas Storms

PERILS' third insurance loss estimate for Australia's Christmas Storms at AU$1.563bn

July 1 2024

New figure marks a slight increase from PERILS' second industry loss estimate of AU$1.547bn (US$1.033bn).

ICA urges inclusion of building resilience in Australia's National Construction Code 2025

July 1 2024

"Embedding resilience in the Code is a critical step," says ICA CEO Andrew Hall.

Guy Carpenter estimates insurance losses for Kansai April hail at US$1bn

July 1 2024

Recurring hail events have prompted Japanese insurers to implement new risk management strategies, says Guy Carp.

NZ updates legislation, renames EQC to Natural Hazards Commission

July 1 2024

New Natural Hazards Insurance Act aims to modernise legislation, clarify cover entitlements, and improve claims experience.

China revises response laws to improve handling of nat cats and other emergencies

June 29 2024

Revisions to Emergency Response Law introduce stricter rules and larger penalties for handling of natural catastrophes, accidents, and public health emergencies.

iag-overhauls-reinsurance-program-to-limit-nat-cat-volatility-over-next-five-years

IAG overhauls nat cat reinsurance program to mitigate volatility

June 28 2024

Five-year program includes volatility cover from Berkshire Hathaway and Canada Life, which would see FY25 peril costs limited to AU$1.283bn in 90% of modelled scenarios.

climate-change-drives-urgent-need-for-more-granular-data

Lack of nuanced, local climate data to intensify underwriting challenges for APAC insurers

June 26 2024

The need for more granular data has become more pressing as climate risks escalate.

Climate insurtech IBISA secures US$3m funding to scale parametric insurance in Asia and Africa

June 26 2024

Funding will support expansion into emerging markets.

Japan's general insurance industry must work "tirelessly" to rebuild trust: GIAJ Chairman

June 24 2024

Keisuke Niiro stresses importance of restoring industry trust following price-fixing and fraud claims controversies.

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