The results of climate inaction are becoming increasingly clear. The year 2018 was the fourth warmest on record (1). In the MENA region, Algeria had the hottest temperature - 51.3ºC - ever reliably recorded across the whole of Africa, and Oman recorded a minimum temperature of 42.6ºC (2). Rising temperatures led the United Nations to warn that melting ice sheets were causing sea-level rise to accelerate. The World Bank identified 24 port cities in the Middle East and 19 in North Africa at particular risk of rising waters (3).

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Flood is one of the most significant natural catastrophe perils, globally accounting for nearly 40 percent of all catastrophe events. In 2017, floods accounted for nearly half of the natural catastrophe events and 65 percent of natural catastrophe deaths in the world - two thirds of the deaths occurring in Asia. According to the Lloyd’s City Risk Index, which examines flood risk as a percentage of GDP, nine of the top 10 cities at risk are located in Asia, according to Mark Weatherhead, Head of Model Development - International, Guy Carpenter.

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Today, the frequency and severity of wildfires are garnering greater attention-not only from the media, but also from (re)insurers, catastrophe modelers, mitigation experts and other invested parties.

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Narathip Sutchiewcharn, Senior Vice President and Claudio Saffioti, Catastrophe Model Developer

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According to Malaysia’s Department of Irrigation and Drainage, the many rivers running through the country put about 9 percent of the total land area under flood risk, potentially affecting 2.7 million people. Rapid urbanization is only going to worsen the problem through rising population concentrations and at-risk infrastructure, land consumption and the channeling of water courses.

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Summary

A significant flood event has affected portions of the Ottawa and Saint Lawrence River Valleys and surrounding watersheds. The flooding is a result of recent snowmelt from a significant snowpack, coupled with recent periods of heavy rainfall affecting the area. Evacuations have affected over 9,500. Several thousands of homes have been inundated by the resulting floodwaters, and several thousand more are under threat in eastern Ontario and western Québec.

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In recent years, the issue of low penetration in catastrophe insurance across the growing economies of Asia Pacific, and the critical protection gap between economic losses caused by natural disaster events and insurance-covered losses are receiving the attention they merit. The insurance industry can play a significant role in narrowing the gap to help ensure sustainable economic development in one of the most dynamic regions of the world, according to Michael Schwarz, Head of Public Sector - Asia Pacific, Guy Carpenter.

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Today, the frequency and severity of wildfires are garnering greater attention-not only from the media, but also from (re)insurers, catastrophe modelers, mitigation experts and other invested parties.

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Rob Bailey, Director of Climate Resilience at Marsh & McLennan Insights

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When PG&E filed for Chapter 11 protection in January, The Wall Street Journal dubbed it the “first climate change bankruptcy.” The California power utility was facing USD 30 billion in potential liabilities following a series of devastating wildfires linked to its equipment — wildfires made more likely by a prolonged period of hot, dry weather that had reduced the surrounding forests to tinder and which scientists have since attributed to climate change.

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GC Capital Ideas presents a review of our recent stories covering modeling for various perils.

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