African insurers can help to reduce climate change impact in the country: Faber

According to the Africa Insurance Pulse, produced by Zurich-based Faber Consulting, Africa is particularly vulnerable to the effects of climate change due to low adaptive capacity and widespread poverty. Yet, by working with policymakers, the sector can help to mitigate and protect Africa from the consequences of climate change while creating new opportunities for the […]

China’s parametric catastrophe insurance to expand to Henan Province

Henan Province is the latest in China to announce a pilot program for parametric catastrophe insurance, with an initial focus on extreme rainfall and flood coverage. Henan’s local government said that the pilot will allow the region to adopt the parametric catastrophe insurance, with rainfall related triggers for city and municipality covers, as well as […]

CNN World: Xi Jinping brought Hong Kong to heel. Now he’s back in a city transformed

Hong Kong (CNN). Chinese flags flutter above streets and red celebratory banners line the harbor front, as a beaming crowd of masked officials and school children wave and chant in unison inside Hong Kong’s high-speed rail terminus, welcoming the arrival of Chinese leader Xi Jinping. In his first trip outside mainland China since the start of […]

Inflation to drive insurance protection gap to new high in 2022: Swiss Re

The global insurance protection gap, or the gap between economic losses and those that are insured, increased again in 2021, reaching a new all-time high of US $1.42 trillion, according to reinsurance giant Swiss Re. The trend is expected to continue in 2022, with Swiss Re warning that the current inflationary environment is expected to […]

Risky business: Three exam questions from the Risk Pool Summit

The Centre for Disaster Protection works on how the international system can better protect people when disasters strike. With years of experimentation and iteration behind them, risk pools are an essential piece of the answer, offering predictable pay-outs for pre-agreed risks like earthquakes and droughts. CCRIF SPC (formerly The Caribbean Catastrophe Risk Financing Facility) has […]

Alternative capital rebounds to record $97bn (again): Aon

For now the third time, alternative capital levels in reinsurance, largely in insurance-linked securities (ILS) formats, have rebounded to their previous high-level of $97 billion, according to Aon. That came against a shrinking of traditional reinsurance capital levels, as reinsurers were impacted by unrealised losses linked to their bonds, triggered by interest rate movements. Overall, […]

New financing mechanism for climate action becomes operational

Helsinki, 30 June 2022 – A new finance mechanism to strengthen weather and climate observations, improve early warnings to save lives, protect livelihoods and underpin climate adaptation for long-term resilience has opened its doors for business. The Systematic Observations Financing Facility (SOFF) is a key building block for a new initiative spearheaded by United Nations Secretary-General General António Guterres to […]