London workshop with Twelve Capital and African Risk Capacity
Climate change leads to a larger protection gap of which 96% is in the developing world* Twelve Capital held a workshop with high calibre market players to discuss how natural catastrophe risks can be transferred to financial markets for disaster relief in emerging markets. Against the backdrop of Impact Investing some highlights covered were: – […]
Flood risk already affects 1.81 billion people. Climate change and unplanned urbanization could worsen exposure
Flooding is among the leading climatic threats to people’s livelihoods, affecting development prospects worldwide – and floods can also reverse years of progress in poverty reduction and development. While the threat is already substantial, climate change and rapid urbanization in flood zones are likely to further drive up flood risks. The latest Intergovernmental Panel on Climate Change report affirms the […]
China’s yuan and the Japanese yen “most vulnerable to climate change” – Barclays
China’s yuan and the Japanese yen are the currencies most vulnerable to climate change, according to a new report by Barclays. The bank looked at the effects of climate change on exchange rates, saying rising temperatures and associated economic costs could tank the value of the Chinese yuan and Japanese yen over 50% by 2070. The […]
Afghanistan: Earthquake – Jun 2022
According to the World Health Organization (WHO), after the 5.9 M earthquake occurred on 21 June in Spera District (Khost Province, eastern Afghanistan), 1,039 people have died, 2,949 people have been injured and 4,500 houses have been partially or fully damaged across Paktika and Khost Provinces. The most affected Districts are Giyan, Barmal, and Ziruk […]
Index-based risk transfer essential to key societal issues: Speedwell Climate
Index-based risk transfer has a key societal role to play, in providing protection to support issues such as the renewable energy transition, covering extreme weather catastrophe events, and helping support access to scarce resources, newly renamed Speedwell Climate has said. Speedwell Weather Ltd. and its associated companies have been serving the need of parametric, or […]
CNN: Hundreds of thousands affected by floods, landslides as heaviest rain in 60 years hits southern China
(CNN) Almost half a million people have been affected by floods and landslides in the Chinese province of Guangdong, according to authorities, after parts of southern China were hit by the heaviest downpours in 60 years over the weekend. Flooding caused by the torrential rain has forced 177,600 people to relocate, destroyed 1,729 houses, damaged 27.13 […]
Zambia’s ARC parametric drought insurance to payout US $5.3m
The African Risk Capacity (ARC) has paid out and already disbursed US $5.3 million to the Government of Zambia after the African nations parametric drought insurance coverage was triggered. A symbolic US $5.3 million cheque was presented to the Zambian Government by representatives of the African Risk Capacity Group and the African Development Bank, with […]
10th OECD/ADB Asian Regional Roundtable on Macroeconomic and Structural Policies
Description The OECD-AMRO-ADB/ADBI-ERIA Asian Regional Roundtable convenes leading experts to discuss issues at the fore of recent economic developments in the region. Previous roundtables were held in Singapore, Manila, Tokyo, Jakarta, and most recently virtually due to the COVID-19 pandemic. Recent topics have included US spillovers to Asian economies, financial reform and financial inclusion, digital […]
ILS helps Hong Kong’s financial market diversify: Paul Chan
The passage of insurance-linked securities (ILS) legislation and now the successful issuance of a second catastrophe bond in the country, helps Hong Kong as it continues on its mission to further diversify its financial market and services sectors, according to Financial Secretary Paul Chan. With the recent completion of Hong Kong headquartered reinsurance firm Peak […]
NZ Earthquake Commission grows reinsurance program to record size
Despite the hardening of global reinsurance markets, the New Zealand Earthquake Commission (EQC), the state-owned residential property disaster insurance entity, has expanded its reinsurance program to a record size of $7.2 billion of protection. A year ago, the New Zealand Earthquake Commission (EQC) said that its reinsurance tower provided almost $7 billion of coverage for […]