Climate Insurance

A 10% decline in wind speed can result in over a 30% reduction in output.

Enhancing home resilience against weather could save an estimated $4b yearly. 

Total claimed loss amounted to ~$86.9m.

Nagaland faces high levels of disaster and climate-related impacts.

NatCat events in the past two years caused $2.64b (AU$4b).

Typhoon Koinu alone in 2023 led to over $500m in insurance claims.

Swiss Re gives importance to parametric insurance amidst challenges like basis risk and modelling complexities.

The storm brought hail sizes of up to 10cm.

Over the past 30 years, insured losses from Nat Cat have outpaced global economic growth

The partnership is aimed to reduce the protection gap for vulnerable communities by providing access to insurance solutions.

Insurance and banking leaders join forces to tackle climate change, emphasising the need for sustainable investments and inclusive transition strategies.

Insurers have already closed 28% of claims, paying out AU$171m

The insurer said it aims to gain a comprehensive understanding of risks across regions and perils. 

The insurance industry’s snail pace in providing capacity for RE projects, the committee aims to jumpstart the progress.

This could help mitigate risk following natural calamities.