disaster insurance


G7 leaders commit to expand climate & disaster risk insurance

After a weekend of discussions in Cornwall, UK, leaders of the G7 (Group of Seven) economies have made a range of commitments to expanding climate and disaster risk insurance, alongside other climate financing pledges. Climate risk and resilience is one of the hottest topics for global leaders this year, the G7 read the full article →

World Bank assists on parametric Asian infrastructure disaster insurance pool

The World Bank is working alongside the governments of Singapore and Japan to establish a disaster insurance pool to cover infrastructure risks for Asian countries, with the facility set to provide coverage from later this year. The infrastructure focused disaster insurance facility is expected to be managed by the Southeast Asia read the full article →

Asian governments encouraged to use more risk transfer by ADB

Disaster risks and costs are on the rise in Asia, a region where under-insurance is still the norm and spending by government's on contingent sources of disaster risk financing relatively scarce, leading the Asian Development Bank (ADB) to call for more to be done. Among the issues cited as requiring more read the full article →

Parametric disaster insurance facility for ASEAN to get Japanese funding

Japan is set to back and help fund the launch of the Southeast Asia Disaster Risk Insurance Facility, a parametric disaster insurance pool that will be established to serve ASEAN nations including Laos, Myanmar and Cambodia to begin with. The Southeast Asia Disaster Risk Insurance Facility (SEADRIF) is set for an read the full article →

ADB hires Kessler from Swiss Re for disaster risk insurance role

The Asian Development Bank (ADB), a financial institution that supports economic growth and cooperation in the Asia-Pacific region, has hired Thomas Kessler, a long-time Swiss Re executive, into a newly created role focused on disaster risk insurance and financing. Thomas Kessler has been hired by the Asian Development Bank (ADB) to read the full article →

Disasters affect sovereign ratings, cat bonds a risk transfer option

Natural disasters, such as weather and geophysical catastrophe events, have been the direct cause of sovereign rating defaults in the past, but risk transfer, insurance and reinsurance can all help to support sovereign credit worthiness, with catastrophe bonds a tool available to help countries manage disaster risk. Natural catastrophes cause an read the full article →

Asia-Pacific disaster losses hit half a trillion dollars in 10 years: UN

During the last decade more than 40% of global disasters have occurred in the Asia-Pacific region, affecting over 1.4 billion individuals and causing economic damages of beyond half a trillion dollars, truly underling the need to narrow the insurance protection gap. The Asia-Pacific region is home to some of the world’s read the full article →

Vulnerable 20 nations to establish climate risk pooling facility

The Vulnerable 20 (V20), a group of the most vulnerable nations to weather extremes and a changing climate, is aiming to establish a risk pooling mechanism for climate related risks within the next five years, it was announced at a recent meeting. The V20 held its inaugural meeting at the IMF read the full article →

UN report highlights climate & disaster risk transfer inflection point

The insurance, reinsurance and capital markets risk transfer sector has reached an inflection point in terms of tools, techniques and capital to address climate and disaster risks, now demonstrating the potential to scale-up and expand in scope, according to the United Nations. The use of insurance and reinsurance capacity, alongside capital read the full article →

Public sector disaster risk financing & re/insurance is vital: Swiss Re

The commitment and capabilities of public and private sector entities is essential to closing the world’s ballooning protection gap, underlining the necessity of adequate insurance, reinsurance and alternative catastrophe risk financing, says Swiss Re. During the last 10 years, according to global reinsurance firm Swiss Re, insurance has only covered around read the full article →