QBE has become the first insurer with a dedicated focus on Asia to join Humanity Insured’s global initiative, pledging S$875,000 (approximately US$683,212) over two years to support affordable insurance and resilience programs for communities across the region vulnerable to increased climate risks.
Humanity Insured, established in 2024, is an initiative that funds portions of insurance premiums and risk-sharing pools, conducts climate modelling for communities, and awards grants for resilience training.
The initiative targets smallholder farmers, coastal communities, urban informal workers, as well as displaced individuals.
Commenting on the tie-up, Rob Kosova, CEO of QBE Asia, said: “Not only are we proud to be the first insurer with a dedicated focus on supporting communities in Asia to join this initiative, but we are also deeply aligned in our shared mission to support communities most vulnerable to climate risk.”
Humanity Insured chief executive Charlie Langdale also stated: “This partnership strengthens our ability to deliver on that mission, and we are thrilled to be working together to expand access, build resilience and support communities on the frontlines of climate change.”
The partnership comes amid a backdrop of increasingly costly climate-related disasters across the region and the globe. Total insurance losses from global natural catastrophes have reached approximately US$100bn, the second-highest level on record, according to recent estimates from insurance brokers Aon and Gallagher Re.
Most recently, Typhoon Wipha whipped Asia, causing widespread economic losses in Hong Kong, the Philippines, and China. South Korea and Vietnam also faced related flooding and landslides that damaged several infrastructure and disrupted fishing and maritime travel.
