Apollo Global Management Inc. is building out its risk review process to reflect the impact on asset valuations of extreme weather. The decision comes amid a rise in the damage done to physical assets by floods, storms and wildfires. Apollo, which has been conducting so-called top-down analyses for such risks since 2023, is now broadening … Read more
Heavy rainfall has unleashed deadly floods across Southeast Asia, damaging crops and stranding tourists, with more downpours expected into early next week. Flooding in southern Thailand has killed at least 13 people and swamped around 800,000 households and rubber- and palm oil-producing areas. In Peninsular Malaysia, more than 16,000 people have been displaced, while floods … Read more
Investors in Jamaica’s catastrophe bond now face a 100% payout after Hurricane Melissa set off a full trigger event, according to the World Bank. Jamaica’s $150 million cat bond, which was arranged by the World Bank, is designed to provide funds to pay for only the most extreme weather events and is in addition to … Read more
The wreckage caused by Hurricane Melissa in Jamaica is expected to cost insurers $1 billion to $3 billion, according to property intelligence company Cotality. The insured losses are a fraction of the total property damage, which Cotality estimates at $2 billion to $5 billion, though much uncertainty remains amid limited observations of the devastation. Other … Read more
New Zealand’s weather agency issued rare red wind warnings and officials declared a state of emergency in the Canterbury region as a powerful spring storm brought destructive gales and heavy rain to the South Island and lower North Island on Thursday. Flights in and out of Wellington, the capital, and Christchurch, in Canterbury, have all … Read more