The Chinese property insurance industry is forecast to grow at a compound annual growth rate (CAGR) of 12...
China accounts for around 50% of flood-related economic losses in Asia Pacific
China accounted for about half of the economic losses in the Asia Pacific related to flooding in 2023, with economic losses of more than $32bn and insured losses of $1.4bn.
China accounted for about half of the economic losses in the Asia Pacific related to flooding in 2023, with economic losses of more than $32bn and insured losses of $1.4bn.
Article / 2 months ago
Typhoon Doksuri is costliest disaster
According to Munich Re's Nat CAT 2023 report, overall losses in APAC in 2023 were $50bn, of which $7bn was insured. There were 11,900 fatalities....
According to Munich Re's Nat CAT 2023 report, overall losses in APAC in 2023 were $50bn, of which $7bn was insured. There were 11,900 fatalities....
Article / 2 months ago
Asia-Pacific and Africa: One-eighth of disaster losses in the region in 2023 are insured
Losses from natural disasters in the Asia-Pacific and Africa region totalled $64bn in 2023, slightly lower than the $66bn seen in the previous year, says reinsurance...
Losses from natural disasters in the Asia-Pacific and Africa region totalled $64bn in 2023, slightly lower than the $66bn seen in the previous year, says reinsurance...
Article / 3 months ago
Gansu Province earthquake generates insured losses of over US$2.7m
The estimated insurance loss arising from the 6.2-magnitude earthquake in Jishishan in Gansu Province stood at around CNY19.43m ($2.72m) as at 4pm...
The estimated insurance loss arising from the 6.2-magnitude earthquake in Jishishan in Gansu Province stood at around CNY19.43m ($2.72m) as at 4pm...
Article / 3 months ago
New Zealand: Insurers settle 87% Gabrielle and Auckland Anniversary claims
Insurers have settled 87% of all private insurance claims from the Auckland Anniversary weekend and Cyclone Gabrielle weather events....
Insurers have settled 87% of all private insurance claims from the Auckland Anniversary weekend and Cyclone Gabrielle weather events....
Article / 4 months ago
Hong Kong: Gross claims from 2 extreme weather events reach US$234m
The Insurance Authority (IA) yesterday released claims statistics in relation to the two extreme weather events in early September 2023 - Typhoon Saola and a black rainstorm...
The Insurance Authority (IA) yesterday released claims statistics in relation to the two extreme weather events in early September 2023 - Typhoon Saola and a black rainstorm...
Article / 4 months ago
Preparing for catastrophe
Natural disasters are rising, and catastrophe losses are following suit, rising at a rate of between 5% and 7% since 1992. This is a global issue, but insurers in Asia must be particularly alive to the threat,...
Natural disasters are rising, and catastrophe losses are following suit, rising at a rate of between 5% and 7% since 1992. This is a global issue, but insurers in Asia must be particularly alive to the threat,...
Article / 6 months ago
Hong Kong: 8 Sep floods estimated to lead to insurance claims of more than US$395m
The total insurance claims due to the heavy flooding that inundated Hong Kong recently may be higher than those caused by Typhoon Mangkhut....
The total insurance claims due to the heavy flooding that inundated Hong Kong recently may be higher than those caused by Typhoon Mangkhut....
Article / 7 months ago
PICC shrugs off impact of Typhoon Doksuri on its financial results
The People's Insurance Company of China, the country's biggest non-life insurer, has indicated that the impact of compensation payouts, including...
The People's Insurance Company of China, the country's biggest non-life insurer, has indicated that the impact of compensation payouts, including...
Article / 7 months ago
Australia: Regulator names 5 claims handling areas that insurers can improve
The Australian Securities and Investments Commission (ASIC) is calling on general insurers to improve their claims handling practices and resourcing after a...
The Australian Securities and Investments Commission (ASIC) is calling on general insurers to improve their claims handling practices and resourcing after a...
Article / 7 months ago