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Zawya
14-05-2025
- Business
- Zawya
Wildfires and Floods Caused Billion-Dollar Economic Loss in Asia Pacific in the first quarter of 2025: Aon Report
Q1 data follows $74B economic loss in Asia Pacific from natural disasters in 2024 Earthquake in Myanmar estimated to be the costliest event of the year so far, with only a fraction insured SINGAPORE - Media OutReach Newswire - 14 May 2025 - Aon plc (NYSE: AON), a leading global professional services firm, published Asia Pacific (APAC) insights from its Q1 Global Catastrophe Recap – April 2025, which analyzes the natural disaster events that occurred worldwide during the first quarter of 2025. During this period, the APAC region experienced significant wildfire activity, particularly in South Korea and Japan. South Korea faced devastating wildfires that resulted in 31 deaths, 49 injuries and the destruction of over 7,700 structures with losses estimated at approximately $1B. The earthquake that occurred in March in Myanmar is the costliest event of the year so far. Damage is expected to reach billions of dollars and only a fraction is covered by insurance. The costliest event for APAC insurers was ex-Tropical Cyclone Alfred, with insured losses of approximately AU $1B. The Q1 data follows Aon's 2025 Climate and Catastrophe Insight report, which identified global natural disaster and climate trends to quantify the risk and human impact of extreme weather events in 2024, where total economic losses in APAC were $74B, with insurance covering only approximately $4B. The main driver of economic losses in 2024 was flooding, with a significant contribution from seasonal floods in China. Two major events: the Noto earthquake in Japan and Typhoon Yagi in Southeast Asia and China also accounted for a large proportion of the losses. Typhoon Yagi was one of the most severe storms to hit Southeast Asia since Typhoon Rammasun in 2014. The storm caused extensive damage across Vietnam, China, Myanmar, the Philippines and Thailand, resulting in significant economic and insured losses. This event highlights the importance of considering both wind and flood risks in typhoon-prone areas. George Attard, CEO for Reinsurance Solutions for APAC at Aon, said: "The devastating earthquake in Myanmar, which caused at least 5,400 deaths and significant structural and infrastructure loss, underscores the importance of being prepared for catastrophe-related risks. Extreme weather and seismic events remain a powerful force driving the complexity and volatility that businesses and communities face and emphasizes the urgent need for innovative mitigation solutions to address this growing challenge." Aon's 2025 Climate and Catastrophe Insight report highlights several trends with natural catastrophe losses: Growing Disaster Losses: Global insurance losses in 2024 were 54 percent above the 21st-century average, covering $145B of the $368B in damages. Even though insured losses far exceeded the average, the protection gap stood at 60 percent, representing a significant financial headwind to communities, businesses and governments. In the APAC region, the protection gap was much higher with 95 percent of the losses not covered. Increases in population density in coastal areas, wealth and overall exposure to natural hazards in high-risk areas continue to be a crucial component of growing disaster losses. Earthquake Risks: April 2024 saw a significant earthquake impact in Taiwan, while Japan experienced the Noto Peninsula earthquake on January 1, 2024. This emphasises the need for ongoing vigilance and preparedness for seismic events. Exposure Changes: Changes in exposure is a growing challenge for insurers and clients. These changes, rather than climate risks alone, are driving shifts in loss patterns. Typhoon Yagi, for example, accentuated the importance of a regional risk management approach that extends beyond sovereign borders. Advances in Flood Modelling: Despite the challenges, advancements in flood modelling have made significant strides in recent years. Advanced tools and data analytics can help businesses and governments understand the complexities of flood risk and prepare for future events. Economic Impacts: The exposure of commercial infrastructure to extreme weather has increased, requiring companies and insurers to explore the impact of changing weather patterns on assets. While Typhoon Yagi made a significant impact on economic and insured losses in China, Vietnam and the Philippines, 2024 was a relatively quiet year for natural catastrophes in Asia when compared with the long-term regional trend. The economic and insured losses in the region also contrast with the global figures, where economic losses from natural disasters in 2024 are estimated at $368B, more than 10 percent above the long-term average since 2000. With greater resilience and mitigation measures in place, global economies can reduce damage and loss of life. In 2024, 18,100 people lost their lives due to natural hazards, mostly from heatwaves and flooding globally. This was below the 21st-century average of 72,400. The long-term decrease in global fatalities can be attributed to improved warning systems, weather forecasts and evacuation planning, underscoring the value of reliable climate data, insights and analytics. Significant Asia Events in 2024 Date Event Location Deaths Economic Loss (2024 $ B) Insured Loss (2024 $ B) 09/06 -14/07 South Central China Floods China 470 15.7 0.4 01/09 - 09/09 Typhoon Yagi China, Southeast Asia 816 12.9 0.7 01/01 Noto Earthquake Japan 489 18.0 1.5 01/03 – 30/06 India Heatwaves India 733 NA NA 20/06 – 30/06 Karachi Heatwave Pakistan 568 NA NA "Asia is at the forefront of flood modelling," said Peter Cheesman, head of Risk Capital analytics for APAC at Aon. "Despite this, there remains a need for better tools and collaborations with public and private partnerships to help close the insurance gap. A comprehensive, multi-country strategy, together with advanced modelling and data inputs, are critical in helping risk managers prepare for future events as climate and exposure trends continue to evolve." Aon's 2025 Climate and Catastrophe Insight report can be found here. Hashtag: #Aon #climaterisks #climate #catastrophe #catastropherisks #flooding The issuer is solely responsible for the content of this announcement. About Aon Aon plc (NYSE: AON) exists to shape decisions for the better — to protect and enrich the lives of people around the world. Through actionable analytic insight, globally integrated Risk Capital and Human Capital expertise, and locally relevant solutions, our colleagues provide clients in over 120 countries with the clarity and confidence to make better risk and people decisions that protect and grow their businesses. Follow Aon on LinkedIn, X, Facebook and Instagram. Stay up-to-date by visiting Aon's newsroom and sign up for news alerts here. Disclaimer The information contained in this document is solely for information purposes, for general guidance only and is not intended to address the circumstances of any particular individual or entity. Although Aon endeavours to provide accurate and timely information and uses sources that it considers reliable, the firm does not warrant, represent or guarantee the accuracy, adequacy, completeness or fitness for any purpose of any content of this document and can accept no liability for any loss incurred in any way by any person who may rely on it. T here can be no guarantee that the information contained in this document will remain accurate as on the date it is received or that it will continue to be accurate in the future. No individual or entity should make decisions or act based solely on the information contained herein without appropriate professional advice and targeted research. Aon
Tatler Asia
23-04-2025
- General
- Tatler Asia
Why sustainability, female empowerment and adventure go hand in hand
After coming back from CAR, Chor swiftly launched the now-retired Hong Kong Explorers initiative with a grant from National Geographic . 'Coming back to Hong Kong after the CAR, I started to ask myself 'how much of Hong Kong have I not explored?',' she reflects. 'I crossed the world to find nature, but actually Hong Kong has so much to offer.' Despite its abundant natural beauty and resources, she notes that the city has fostered a culture that remains disconnected from nature—a disconnect that contributes to the environmental problems we face today. 'How can we measure our impact on nature if we're not paying attention to it?' she asks. With this initiative, Chor put nature, exploration and education first, but gender also played a role. 'It's impossible to look at any environmental problem without looking at it through the lens of power, oppression and politics,' she says. 'Therefore, you cannot talk about the environment without talking about gender.' While Chor no longer focuses on the Hong Kong Explorers initiative, she continues to thrive as a multimedia journalist where she puts human, nature and transnational issues at the centre of her photos, articles and documentaries. 'Growing up in Hong Kong, I didn't know any journalists, scientists or explorers', she concludes. 'But if you can see it, you can be it. So I hope that my career, and doing my thing, inspires girls and women in Hong Kong to follow their own path.' Natalie Chung's expeditions have deepened her commitment to nature and gender equality Emerging as a prominent voice in climate education, Natalie Chung has carved a unique path for herself. 'My climate journey began when I was 11. I was captivated by an interview with a female Polar explorer, Dr Rebecca Lee, who described the fragile beauty of the Poles,' she recalls, noting that this initial spark ignited a lifelong commitment to protecting our planet. While studying geography at university, she co-founded V'air Sustainability Education, transforming her passion into action through nature-based learning experiences. What started with student-led eco-tours in Hong Kong's country parks has evolved into a social enterprise that has reached over two million people. Chung's adventures have taken her from the icy waters of Antarctica in 2023—where she represented Hong Kong on the Dr Sylvia Earle Antarctic Climate Expedition —to the coastal villages of Fiji in 2024. Collaborating with UNDP Pacific and RTHK for the TV documentary series Climate Insight , she has documented the impacts of climate change and adaptation strategies. 'Every expedition has deepened my reverence for nature and my commitment to climate justice,' she states, reflecting on her humbling experiences with communities facing the harsh realities of climate change. For Chung, addressing gender inequality is essential in the fight for environmental sustainability. 'Gender and climate justice are inseparable,' she says, highlighting how women and girls in the Global South are disproportionately affected by climate disasters yet often excluded from decision-making processes. Through V'air, she is dedicated to empowering young girls by creating programmes that blend climate science, storytelling and leadership training. 'When girls are empowered to understand climate systems and advocate for policy, they become catalysts for systemic transformations,' she says. Looking ahead, Chung envisions V'air as a platform nurturing the next generation of Asian female climate leaders. 'When girls see women who look like them leading climate action, it redefines what they believe is possible,' she says. Inspired by pioneering figures such as Dr Rebecca Lee and Dr Jane Goodall, she aspires to establish that women belong at the forefront of exploration and leadership. Carmen Chan wants to make empowerment through nature adventures accessible to girls Carmen Chan is not just an entrepreneur; she is a dynamic force driving social change through her innovative blend of design, communication and empowerment. Her journey began unexpectedly four years ago when she volunteered to teach entrepreneurship at an anti-trafficking NGO in Hong Kong for women survivors of sexual exploitation. 'Encountering these resilient women and knowing their stories prompted a lot of self-reflection,' she says, 'I started to ask myself: what is my role in these big social problems? What are the ways to live and work purposefully?' To find the answer, Chan decided to leave Hong Kong and embark on a transformative two-year global journey. She dedicated most of this time to volunteering, like in northern Thailand or Vietnam, and meeting like-minded female changemakers. One such formative experience for Chan was spending time at Thailand's eco-lodge Chai Lai Orchid, which not only shelters rescued elephants but also supports education and employment for marginalised women. This initiative opened her eyes to possibility of creating an enterprise that lies at the intersection of business and social impact. This led Chan to found Girls Be Change, a social enterprise aimed at inspiring young women to become explorers and changemakers. 'This year, we are launching the Impact Expedition for Women Explorers, focusing on wildlife conservation and women's empowerment,' she says. Chan highlights the deep connection between gender equality and environmental sustainability. 'The climate crisis does not affect everyone equally—girls and women face disproportionate impacts from climate change,' she explains, noting how challenges like unstable access to clean water exacerbate existing gender inequalities. She sees women as crucial to the solution. 'Equal gender representation can lead to more holistic solutions in climate action.' Through Girls Be Change, Chan envisions a community where girls and women feel empowered to address the social causes they care about. 'We may work for different causes, but we're all striving for the greater good,' she says. Her mission is clear: to catalyse and connect women ready to make a difference in the world.
