Catastrophe Archives - InsuranceAsia News https://insuranceasianews.com/industry_segments/catastrophe/ Thu, 10 Oct 2024 03:25:05 +0000 en-US hourly 1 https://wordpress.org/?v=6.6.2 Hurricane Milton’s strength and track makes a revision of APAC renewals a near certainty https://insuranceasianews.com/hurricane-miltons-strength-and-track-makes-a-revision-of-apac-renewals-a-near-certainty/ Wed, 09 Oct 2024 23:30:01 +0000 https://insuranceasianews.com/?p=164545 Insured losses from the “catastrophic” storm is predicted to top US$60bn as it heads for populous Tampa, which will complicate the upcoming renewals.

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The sudden intensification of Hurricane Milton this week to a dangerous category 5 storm, bearing down on the Tampa Bay area of Florida, looks to cause damages “potentially matching that of Hurricane ...

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]]> Australia to experience more severe cyclones this season on warmer seas https://insuranceasianews.com/australia-to-experience-more-severe-cyclones-this-season-on-warmer-seas/ Tue, 08 Oct 2024 09:12:48 +0000 https://insuranceasianews.com/?p=164364 The Bureau of Meteorology also warned of severe thunderstorms, flooding and heatwaves until next April.

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Australia is expected to face a higher likelihood of severe tropical cyclones in the 2024-25 tropical cyclone season, according to the nation’s weather agency.
This increased risk is linked to the war...

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]]> Typhoon Krathon’s economic losses likely reach ‘tens of million’ in Taiwan, Philippines https://insuranceasianews.com/typhoon-krathons-economic-losses-for-taiwan-philippines-likely-reach-tens-of-million/ Sun, 06 Oct 2024 21:43:46 +0000 https://insuranceasianews.com/?p=164203 The local government in Taiwan's Keelung city estimated that restoration and rebuilding work related to typhoon Krathon will cause US$14.8m according to local media citing city mayor George Hsieh.

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Typhoon Krathon, the first-ever storm to make landfall in Taiwan’s Kaohsiung in the month of October after causing havoc in the Philippines, will likely lead to “tens of millions” economic losses cros...

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]]> Typhoon Krathon makes landfall as Taiwan shuts down for second day https://insuranceasianews.com/typhoon-krathon-makes-landfall-as-taiwan-shuts-down-for-second-day/ Thu, 03 Oct 2024 09:27:21 +0000 https://insuranceasianews.com/?p=164059 The slow-moving typhoon is expected to cause 'catastrophic damage' as it is likely to have a longer impact on the island as it moves through the populous western plains but it is weakening and is expected to turn into a tropical depression before reaching Taipei.

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Typhoon Krathon landed in the major port city of Kaohsiung at noon on October 3 as businesses in all Taiwan have closed for the second consecutive day in response to the storm.
The typhoon packed maxi...

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]]> Australia poised for severe thunderstorms, elevated bushfire risks this spring: Gallagher Re https://insuranceasianews.com/australia-poised-for-severe-thunderstorms-elevated-bushfire-risks-this-spring-gallagher-re/ Thu, 03 Oct 2024 09:18:19 +0000 https://insuranceasianews.com/?p=164047 Unusually high maximum and minimum temperatures will affect the country by at least three times more likely than normal, according to the reinsurance broker's climate outlook report.

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Higher than usual temperature maxima and minima are forecast across Australia from October to December 2024, accompanied by an increased chance of severe thunderstorms and higher risks of bushfires ac...

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]]> ICA extreme weather charter calls for collaboration with governments, community groups for delivery of services   https://insuranceasianews.com/ica-extreme-weather-charter-calls-for-collaboration-with-governments-community-groups-for-delivery-of-services/ Thu, 03 Oct 2024 04:59:12 +0000 https://insuranceasianews.com/?p=164023 The charter outlines disaster preparation, response and recovery recommendations for general insurers, who have paid out US$13bn in claims from 20 ICA-declared events since the Black Summer bushfires in 2019-20.

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The Insurance Council of Australia's (ICA) general insurance industry charter on extreme weather and disaster response has called for collaboration with governments, community sector groups, and other...

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]]> Typhoon Shanshan claims climb to US$180m in Japan https://insuranceasianews.com/typhoon-shanshan-claims-climb-to-us180m-in-japan/ Wed, 02 Oct 2024 03:04:14 +0000 https://insuranceasianews.com/?p=163936 Fire insurance losses accounted for the bulk of 90% of the claims paid out and 85% of claims filed after the strongest typhoon to hit the country in decades made landfall in south-west Japan on August 29.

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Claims from Typhoon Shanshan (typhoon no. 10) that hit Japan between August 28 and September 1 has surged to JPY26 billion (US$180 million) from 52,184 claims filed, according to data from the General...

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]]> Reinsurers’ risk insights, modelling vital to taming escalating nat cat losses: Swiss Re https://insuranceasianews.com/reinsurers-risk-insights-modelling-vital-to-taming-escalating-nat-cat-losses-swiss-re/ Tue, 01 Oct 2024 23:30:29 +0000 https://insuranceasianews.com/?p=163841 Besides providing capacity, the reinsurer's expertise and insights on risks related to climate change and renewable energy are key to its collaboration with insurers in limiting nat cat losses, says Victor Kuk.

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Reinsurers play a crucial role in helping insurers navigate the volatile risk environment as the frequency and severity of secondary perils and climate events rise, said Victor Kuk, head of P&C re...

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]]> Crawford Malaysia names Mohammad Aminuddin as head of Pahang branch https://insuranceasianews.com/crawford-malaysia-names-mohammad-aminuddin-as-head-of-pahang-branch/ Tue, 01 Oct 2024 06:44:03 +0000 https://insuranceasianews.com/?p=163884 The loss adjuster has also brought in Nazirul Jabri Bin Roslee as senior adjuster as it looks to strengthen its capabilities ahead of the monsoon season.

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Crawford Malaysia has appointed Mohammad Aminuddin Bin Alias as head of Pahang branch in an attempt to strengthen the team ahead of monsoon season in the Pahang region, according to a press release.
A...

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]]> ARPC to raise premium rates for cyclone reinsurance pool https://insuranceasianews.com/arpc-raises-premium-rates-for-cyclone-reinsurance-pool/ Mon, 30 Sep 2024 06:01:25 +0000 https://insuranceasianews.com/?p=163837 The 2024 pricing review of the cyclone pool premium rates targets the introduction of premium discounts for strata properties and maintaining the price algorithm to rate for new addresses registered since the previous review and address insurer feedback to make the pricing algorithm more consistent with market practise.

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Australian Reinsurance Pool Corporation (ARPC) has raised premium rates for covered policies under the cyclone reinsurance pool, which will be effective from April 1 2025.
The 2024 pricing review of t...

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