Floods in Northern China between July and November last year rated among significant Nat CAT events in the Asia Pacific last year. The Northern China floods caused economic loss of over $5.7bn, says Aon, a leading global professional services firm providing a broad range of risk, retirement and health solutions.
The financial soundness of Indonesian insurers is not likely to be affected by the last month's tsunami in the Sunda Strait due to their appropriate catastrophe risk management and strong capital buffers, said Fitch Ratings. The ratings agency believes the industry will be able to absorb the resulting claim losses, which had the greatest impact on the coastal areas of Banten and Lampung, although profitability may be affected.
The overall impact of catastrophe losses on property rates was muted at the 1 January 2019 reinsurance renewals, but the fourth highest annual catastrophe loss year on record did create questions over pricing adequacy, underwriting strategy and the amount of capital available, says Guy Carpenter, a leading global risk and reinsurance specialist and a wholly owned subsidiary of Marsh & McLennan.
The financial health of insurance companies in Indonesia will not be affected by the 22 December tsunami in the Sunda Strait because of good risk management and strong capital,says Fitch Ratings.
China's Belt and Road Initiative (BRI) has the potential to transform economies in more than 70 partner countries; yet it could also tip the world into catastrophic climate change,
The total bill for insurers from Sydney's recent destructive hailstorm has exceeded A$673m ($481m), and this number is expected to climb.
2018 saw overall Nat CAT losses of $160bn which were above the inflation-adjusted average of $140bn for the last 30 years, says global reinsurance giant Munich Re.
The Philippines has successfully placed on the international market its parametric insurance policy with a maximum cover of PHP20.49bn ($391m) to provide quick liquidity to national and local governments, the Bureau of the Treasury has said.
Losses arising from Cyclone Mekunu, which ravaged Oman in May 2018, have led to insurance companies receiving claims of over OMR155m ($403m), according to new data from the Capital Market Authority (CMA).
Special analysis which maps insurance data and natural peril risk levels across local government areas in New South Wales, Victoria and Queensland reveals millions of residents across the three states are living with some sort of risk from floods, storms, bushfires and earthquakes.