HONG KONG SAR – Media OutReach – 27 June 2023 – YUP, the credit payment platform created by Singaporean startup Finture, introduces a range of innovative financial products for Southeast Asia in Hong Kong. These products facilitate the financial needs of Hong Kong residents and foreign domestic workers, who frequently travel to Southeast Asian countries, as well as respond to China’s Belt and Road Initiative. During the initial stage, Finture will launch a “Remote Repayment” credit card designed for foreign domestic workers, allowing the cardholder’s relatives to make local purchases in Indonesia, with the cardholder repaying the expenses in Hong Kong. As a result, it eliminates complex, costly, and time-consuming banking procedures, making it convenient for tens of thousands of foreign domestic workers and their families.
Finture is a Singapore-based fintech company that has offices in Shanghai, Singapore, and Jakarta.
Foreign domestic workers promptly remit wages to their families back home in Indonesia. According to statistics, there are about 500,000 foreign domestic workers in Hong Kong, of which 98% are from Indonesia and the Philippines. Donny Zhang, Co-founder and CEO of Finture, said, “Individuals from Indonesia, the Philippines, and other South Asian countries have relatively modest spending patterns in Hong Kong and no income records in their home countries. They face challenges in acquiring bank accounts and credit cards, which affect the convenience and quality of life for themselves and their families. YUP’s emergence aims to leverage financial technology to uplift people’s living standards, ensuring that everyone is eligible to have access to easy, convenient, and affordable financial products.”
Founded in 2021, Finture has emerged as a prominent provider of digital bank and credit payment services in Southeast Asia. Its first product, YUP, has quickly become one of the most popular consumer finance APPs in Indonesia. With the support of major investors such as MindWorks, YUP is now ready to introduce this widely accepted product to the Hong Kong market, implementing the integration of consumer finance under China’s Belt and Road initiative.
In response to the popularity of Southeast Asian countries as favored destinations for Hong Kong travelers, YUP is developing an e-wallet that can be used in Southeast Asia, Hong Kong, and China. This new product aims to meet the diverse needs of individuals, enabling them to enjoy a hassle-free consumer experience wherever they go. Credit records, expenditures, telecommunications and other data would be integrated into a unified system that will facilitate comprehensive credit assessments. Gavin Guo, CFO of Finture, said, “YUP will also expand its capabilities to meet the investment and cryptocurrency-related needs of the target audience.”
The issuer is solely responsible for the content of this announcement.
About Finture
Finture is a Singapore-based fintech company that has offices in Shanghai, Singapore, and Jakarta. Established in 2021, Finture operates its digital bank and credit payment business in Southeast Asia, and is set to expand its presence to Hong Kong in 2023. Finture believes everyone is eligible to have the access to easy, convenient, and affordable financial products. Cooperated with local financial institutions and fintech companies, Finture has achieved exponential growth since launching its first product YUP, which now has become one of the most popular consumer finance APPs in Indonesia,especially among the working class people.
Co-founded Finture in 2021, Donny has over 15 years of working experience in Fintech, financial services and investments. Before that, Donny graduated from the University of Sheffield and worked in strategic consulting at Accenture. In 2015, Donny joined 360 Group as a strategic investment manager, focusing on the development of financial technology in markets such as China, Southeast Asia and South America. He has led investment and research on digital banking and startups in multiple global markets, contributing to the growth and fundraising of 360 Group’s financial business, 360DigiTech. His efforts played a crucial role in facilitating the successful listing of the company on the NASDAQ stock exchange (NDAQ: QFIN) in 2018.
After that, Donny was appointed to the role of southeast business CEO of 360DigiTech, expanding business in Jakarta. Recognizing the untapped opportunities in Southeast Asian banking services, he embarked on the founding of Finture, focusing on digital banking as a means to provide consumer financial payment products tailored to the needs of the working class people.
SEOUL, KOREA & HONG KONG SAR – Media OutReach – 27 June 2023 – Korean beauty, also known as K-Beauty, has left an indelible mark upon the world of beauty from introducing sheet masks, BB creams, and serums to people’s daily skincare routines. A.S. Watson Group, the world’s largest international health and beauty retailer, and South Korea’s biggest beauty company Amorepacific Group signed agreement in Seoul, Korea to further strengthen the collaboration between the two companies to entice customers around Asia with K-beauty.
Malina Ngai, CEO of A.S. Watson (Asia & Europe), is excited about the agreement, “Our strategic partnership with Amorepacific Group started in 2019 and we’re excited to take it to the next level. K-beauty products are globally lauded for their use of creative ingredients combined with science-backed formulas. We have observed that K-beauty is widely searched, and we continue to see steady increase in demand not only in Asia but also in Europe.”
“For the A.S. Watson Group, we recorded a strong double-digit sales growth for overall K-Beauty products in the 12 months. Leverage our extensive O+O (Offline plus Online) retail platforms across Asia and Europe, I am excited about this strategic partnership with Amorepacific Group to enable our customers to access and experience an even wider range of quality beauty products inspired by the beautiful Korean culture.”
Sangmok Lee, President of Amorepacific Group, said, “Through strengthening our partnership with A.S. Watson Group, we are poised to forge advantageous synergies between two industry leaders to effectively respond to the increasing diverse needs of customers in beauty care.”
Ngai continued, “We are also aware of the evolving needs of eco-conscious customers hence we will work together with Amorepacific to introduce clean beauty products that minimise environmental damage.”
Double-Digit Growth Opportunity in K-Beauty
According to recent report[1], global K-beauty products market generated USD8.3 billion in revenue in 2021 and it is projected to reach USD18.32 billion by 2030, growing at a CAGR of 9.2% from 2022 to 2030. This highlights the significant potential for the K-beauty market.
With over 16,100 stores under 12 retail brands in 28 markets, A.S. Watson Group offers the trendiest K- beauty products to our customers, making it the go-to destination for K-beauty enthusiasts. Its core customers are predominantly young females who are seeking the latest and trendiest beauty products.
Currently, Watsons is offering Amorepacific’s haircare brands RYO and Mise-En-Scene, as well as beauty brands ETUDE and Innisfree to customers in Asia. Mise-En-Scene has been particularly well-received by customers and has been experiencing a compound sales growth of almost 30% since 2019.
More Beauty Brands Inspired by Korean Culture
As part of the strengthened partnership, A.S. Watson Group and Amorepacific Group will collaborate to introduce more derma and premium skincare brands to A.S. Watson’s customers in Asia and Europe, such as illiyoon and Aestura. This partnership aims to expand the reach of these brands and provide customers with even more innovative and effective skincare options.
[1] Source: K-Beauty Products Market Report by Straits Research (https://straitsresearch.com/report/k-beauty-products-market)
Hashtag: #ASWatson #Amerepacific
The issuer is solely responsible for the content of this announcement.
ABB unveils pioneering new training centre in Singapore designed to demonstrate how digital technologies can transform businesses operations, offering sustainability and financial benefits, in a responsive and agile way.
The centre is part of ABB’s vision of enhancing energy resilience across Asia Pacific through upgrading and modernising electrical systems.
Through ABB’s innovative services and technology, customers will benefit from extended asset life cycles, reduced operational costs and minimised downtime.
SINGAPORE – Media OutReach – 27 June 2023 – ABB, a leading global technology company, announced that it is investing USD $1 million to open a Digital Solutions & Training Centre in Singapore, the first of its kind in Asia Pacific for ABB Electrification Service.
Stuart Thompson, Global President of Electrification Service, ABB (third from the left) and Andrew Stepien, Senior Vice President of Electrification Services, Asia Region, ABB (second from the left) at the opening ceremony of the new training centre, accompanied by ABB Singapore staff
Amidst global challenges such as energy uncertainty, rising inflation, and aggressive sustainability targets, businesses are under pressure to evolve their business models to meet increasing electricity demands and cut carbon emissions. ABB’s new training centre will be strategically located in Singapore and aims to enhance energy resilience across Asia Pacific through training talent to implement and operate digital solutions for electrical systems.
Visitors to the centre will learn about scalable digital solutions that enable real-time energy usage monitoring for optimising energy use and meeting sustainability targets. The centre will also showcase how remote connectivity between customers’ multiple sites facilitates a major shift to predictive maintenance in servicing and mitigate risks by assessing the reliability of assets before they fail.
“Through digitalisation and new technologies, we want to empower our customers to rise to the opportunities of the energy transition, as well as thrive despite shifting regional economic dynamics,” said Stuart Thompson, Global President of Electrification Service, ABB. “At the centre, customers will be able to experience first-hand how they can leverage digital solutions to help optimise operations with insights from a single switch up to multiple sites across the globe.”
The centre will be fully operational by Q4 2023, initially providing training for 100 to 150 ABB staff members, partners, and customers per year across the region with the intention to increase to 300 participants annually.
“Attracting talent and ensuring our current domain and field service experts stay ahead of the curve when it comes to new technologies is one of the biggest challenges today. With our new training centre, we will equip participants with the necessary skills and resources. We are honoured to host this centre in Singapore, and play our part alongside the government in boosting energy resilience and transitioning to greener energy.”
“Training and digitalisation are critical in helping to future-proof our customers in the utility, infrastructure, transportation and industry sectors. Upgrading aging assets with digital solutions can rejuvenate them, boost efficiency, and extend their product lifecycles. By equipping them with the necessary digital skills, our customers will be able to monitor, optimise, and actively manage their energy usage, and most importantly, increase their competitiveness while reducing carbon emissions,” added Andrew Stepien, Senior Vice President of Electrification Services, Asia Region, ABB.
The issuer is solely responsible for the content of this announcement.
About ABB
ABB (ABBN: SIX Swiss Ex) is a leading global technology company that energises the transformation of society and industry to achieve a more productive, sustainable future. By connecting software to its electrification, robotics, automation and motion portfolio, ABB pushes the boundaries of technology to drive performance to new levels. With a history of excellence stretching back more than 130 years, ABB’s success is driven by about 105,000 talented employees in over 100 countries. www.abb.com
About ABB Electrification Service
ABB Electrification Service is a global leader in electrical products and solutions, operating in more than 100 countries, with over 200 manufacturing sites. Our 50,000+ employees are dedicated to transforming how people live, connect and work by delivering safe, smart and sustainable electrification solutions. We are shaping the future trends of electrification, differentiating through technological and digital innovation while delivering an outstanding experience through operational excellence for our customers across utilities, industry, buildings, infrastructure and mobility. go.abb/electrification
Singapore based Wateroam’s winning pitch showcased portable water filters to provide safe drinking water to communities in rural and disaster-hit regions
HONG KONG SAR – Media OutReach – 27 June 2023 – Prudence Foundation, the community investment arm of Prudential plc, together with Humanitarian Partner International Federation of Red Cross and Red Crescent Societies (IFRC), cloud services provider Amazon Web Services (AWS), and tech media platform e27, have announced the winners of the third edition of the SAFE STEPS Disaster Tech (D-Tech) Awards.
SAFE STEPS D-Tech Awards Prize Winners Group Photo
Wateroam, from Singapore took home the grand prize of US$50,000 while LivingWaters Systems and Kinetic Analysis Corporation, both from the United States, emerged as the first and second runner-ups respectively winning US$30,000 and US$20,000. They were selected from a record 110 applications from around the world and competed with three more finalists in the final round, which took place at the Echelon Asia Summit in Singapore on June 15. The top six finalists participated in a live pitch during the summit in front of a judging panel and will each receive US$10,000 of AWS Credits.
Over the past decade, 83 per cent of all disasters were caused by extreme weather and climate-related events such as floods, storms, and heatwaves, directly affecting 1.7 billion people[1].
With the increased frequency and intensity of natural disasters, communities are more vulnerable than before. Technology innovation has an essential role to play in understanding and solving the risks confronting people globally.
SAFE STEPS D-Tech Awards Winner Wateroam
Marc Fancy, Executive Director of the Prudence Foundation, said, “The application of disaster technology can save lives before, during and after natural disaster events. Through the SAFE STEPS D-Tech Awards, our goal is to provide a platform to encourage entrepreneurship and investment to drive scale, sustainability and speed in D-Tech innovation and application.”
The applications showcased a wide range of solutions ranging from early warning systems robotics, communications and connectivity, shelters, water supply and medical aid, to post disaster community support. They were evaluated on a number of criteria including problem-solution fit, business model, potential impact or market size, and organization profile.
Wateroam’s mission is to provide vulnerable communities better access to safe and clean drinking water. In disaster-hit regions, their portable water filters remove harmful pathogens to create safe drinking water in seconds.
Jaron Lim, Sales Director from Wateroam, said, “Being part of the D-Tech Awards and emerging as the winner was a great experience and a rewarding testament to the hard work we have put in over the years. As we move towards smarter technology and increased accountability of our impact, the funding that we have received will really support our research and development efforts in this area and also allow us to scale our impact to more areas affected by disasters.”
Juja Kim, Deputy Regional Director for Asia Pacific, IFRC, said, “IFRC is honoured to be part of this initiative by Prudence Foundation. In this digital age, it is paramount that we utilize the strengths and creativity of individuals and organizations in coming up with solutions to address the challenges brought by disasters, both natural and man-made in nature. We drive the same in the IFRC by innovating our approaches to prepare and respond better, meeting the varying needs of the affected population in every emergency.”
Samuel Harris, Public Sector Startup Lead, Asia Pacific and Japan at AWS, said, “Startups are answering the clarion call for disaster aid with their launch of innovative solutions to help communities respond to natural disaster events. This year’s winners have inspired us with their passion in this field and AWS shares the same vision to make a difference to disaster recovery and mitigation efforts. We are committed to helping this year’s winners through the AWS Activate program which seeks to provide startups with access to our tools, business and technical support and AWS credits, to build and scale their disaster recovery solutions on AWS to reach and serve communities that might need aid, including rural and remote areas.”
Thaddeus Koh, Co-founder of 27, said,“e27 is proud to be a strategic partner of this important initiative. The SAFE STEPS D-Tech Awards has successfully highlighted the immense potential of utilizing technology for good and sparked numerous meaningful discussions on disaster tech. Leveraging our innovative tech ecosystem platform, we are delighted to witness the tremendous support garnered for the program from various stakeholders in our community. We firmly believe that recognizing the problem at hand is just the beginning, and maintaining momentum is the key; by acknowledging the importance of these issues and generating momentum for potential solutions, we can drive substantial change and make a lasting difference.”
1. Castomize Technologies (Singapore) New med-tech startup that uses proprietary advanced manufacturing methods to create orthopaedic casts that are lighter, stronger, and more comfortable.
2. Doh Eain Ltd.(Myanmar/Singapore) Preserves heritage, improves public spaces and organises activities that connect people with places, employing a user-centered, participatory approach. In doing this they aim to inspire and enable people to participate in re-shaping their city while retaining cultural heritage.
3. H3 dynamics(France) Enables Advanced Air Mobility with a three-pronged approach that starts with digitization, leading to solutions around autonomous operations, enhances flight autonomy with hydrogen propulsion.
4. Kacific Broadband Satellites Ltd. (Singapore) Next-generation broadband satellite operator providing access to affordable, reliable, high-speed broadband services across Asia and the Pacific. Its services foster greater internet usage, fuel economic growth, and improve the delivery of critical services.
5. Kinetic Analysis Corporation(USA) Uses complex numerical modeling and advanced statistical analysis to simulate and predict the interactions between hazards and development, and creates information to support the planning process, enabling decision makers to strike an appropriate balance in this complex arena.
6. Komunidad Global(Singapore) Software-as-a-Service (SaaS) company focusing on weather and environmental intelligence information services
7. LivingWaters Systems LLC(USA) Its simple and versatile rainwater harvesting units capture, filter, and store a renewable supply of clean water for consumers right at their doorsteps.
8. QUICKBLOCK Ltd.(Scotland) QuickBlock is a flat-packed, interlocking building system made from 100% recycled plastic. They are on a mission to provide a sustainable building solution to solve a variety of problems, reducing waste and contributing to a circular economy.
9. SI Analytics(Republic of Korea) AI-based satellite data analytics solution company.
10. Wateroam(Singapore) A water innovation enterprise that develops portable water filters to provide safe drinking water to communities in rural and disaster-hit regions.
The issuer is solely responsible for the content of this announcement.
About the SAFE STEPS D-Tech Awards
The SAFE STEPS D-Tech Awards looks to find, fund and support technology solutions which protects and saves lives before, during or after natural disaster events. The SAFE STEPS D-Tech Awards were created out of the belief that technological innovation has a significant role to play in improving disaster preparedness, recovery and resilience. This need is especially magnified in Asia Pacific where half of the world’s natural disaster events occur.
Now in its third edition, the Awards look to continue the work in catalysing a network of support, raising awareness of the sector, and helping the remarkable companies that operate in this space grow and scale.
The 2023 SAFE STEPS D-Tech Awards are created by Prudence Foundation and supported by humanitarian partner: the IFRC, technology partner: AWS, and strategic partner: e27.
About Prudence Foundation
Prudence Foundation is the community investment arm of Prudential plc in Asia and Africa. Its mission is to create a better future for communities by making them safer and more resilient to life’s risks. The Foundation runs regional programmes as well as local programmes in partnership with NGOs, governments and the private sector in order to maximise the impact of its efforts. Prudence Foundation leverages Prudential’s long term mindset and geographical scale to make communities safer, more secure and more resilient. The Foundation is a Hong Kong registered charitable entity.
The International Federation of Red Cross and Red Crescent Societies (IFRC) is the world’s largest humanitarian network, comprising 192 National Red Cross and Red Crescent Societies working to save lives, build community resilience, strengthen localization and promote dignity around the world.
Founded in 2007, e27 has a strong mandate to give all entrepreneurs a winning chance to succeed; providing them with relevant tools and resources to build and scale their companies in Asia’s tech ecosystem. e27 provides a go-to platform for connections, insights, funding, and more. Everything you would need to build a billion-dollar company.
HONG KONG SAR – Media OutReach – 27 June 2023 – Kerry Logistics Network Limited (‘Kerry Logistics Network’, ‘KLN’; Stock Code 0636.HK) was named the Excellence in Third-Party Logistics at the Hong Kong Economic Times (‘HKET’) Excellence Awards 2023 (the ‘Awards’) for its diversified supply chain solutions and exceptional service.
KLN was commended for its significant achievements and contributions in the area of professional services towards the economic and social development of Hong Kong and the Greater Bay Area in 2022. During the year, KLN launched a new international e-commerce express solution from Hong Kong to Singapore, Malaysia and Thailand for SMEs, as well as a customised home delivery service for patient medication when Hong Kong was hit by the fifth wave of the COVID outbreak. It also set an example as a sustainable business, by pioneering as the first logistics company in Hong Kong to deploy electric trucks.
Ellis Cheng, Executive Director and Chief Financial Officer of Kerry Logistics Network, said, “As a global 3PL rooted in Hong Kong, we make the best efforts in contributing to the local and regional communities. We are grateful to HKET for recognising the role we play in providing the services essential to daily lives, as we work to create more value for our shareholders. With sustainability at the heart of what we do, we hope to be at the forefront of moving towards a net zero world.”
Organised by HKET, a leading financial media in Hong Kong, the Awards aim to recognise companies of distinction and drive sustainable development of local enterprises. The winners are selected by a panel of judges based on four criteria, namely, philosophy and value proposition, strategy and implementation, achievements and contributions, as well as future vision and plans, in addition to a tally of votes by the general public.
Hashtag: #KerryLogisticsNetwork
The issuer is solely responsible for the content of this announcement.
About Kerry Logistics Network Limited (Stock Code 0636.HK)
Kerry Logistics Network is an Asia-based, global 3PL with a highly diversified business portfolio and the strongest coverage in Asia. It offers a broad range of supply chain solutions from integrated logistics, international freight forwarding (air, ocean, road, rail and multimodal), e-commerce and express to industrial project logistics and infrastructure investment.
With a global presence across 59 countries and territories, Kerry Logistics Network has established a solid foothold in half of the world’s emerging markets. Its diverse infrastructure, extensive coverage in international gateways and local expertise span across the Mainland of China, India, Southeast Asia, the CIS, Middle East, LATAM and other locations.
Kerry Logistics Network generated a revenue of over HK$86.6 billion in 2022. It is listed on the Hong Kong Stock Exchange as well as a constituent of the Hang Seng Corporate Sustainability Benchmark Index.
About the Hong Kong Economic Times Excellence Awards
Organised by Hong Kong Economic Times (HKET), the “HKET Excellence Awards 2023” recognise enterprises with outstanding performance, exceptional contributions and achievements towards the economic or social development of Hong Kong and the Greater Bay Area in the previous year. At the same time, the Awards hope to foster industrial peers’ mutual motivation, so as to promote the sustainable development of local enterprises and enhancement of product and service quality in a professional and innovative manner.
Men Sam An (right), Minister of National Assembly-Senate Relations and Inspection met with Lao’s Khamphanh Phommathath on June 21. (Photo: Men Sam An/FB)
Lao and Cambodian State Inspection Authorities met in Cambodia last week to share experiences in tackling corruption, and to express their mutual commitment to anti-corruption cooperation.
Floods were costliest peril for the third consecutive year, accounting for more than 61 percent of total economic loss
SINGAPORE – Media OutReach – 27 June 2023 – Aon plc (NYSE: AON), a leading global professional services firm, today published its 2023 Weather, Climate and Catastrophe Report: Asia Pacific Insights, which identifies Asia Pacific (APAC) and global natural disaster and climate trends to help make better decisions to manage volatility and enhance resilience. The report reveals that natural disasters in the Asia Pacific region in 2022 caused a USD 80 billion economic loss — of which only USD 11 billion was covered by insurance.
The report shows that 2022 was the fifth costliest year on record for insurers globally, with six of the top 10 events happening in Asia Pacific. Flooding remained a recurring threat with annual losses exceeding USD 30 billion every year since 2010. Pakistan, India, southern China and South Korea saw record rain and significant flooding in 2022. Floods in Pakistan were the costliest event for the peril, tied with seasonal flood losses in China, which were at their highest since 2016. The only two geophysical disasters that cost approximately USD 1 billion in economic losses in 2022 were the March Fukushima Earthquake in Japan and September Sichuan Earthquake in China.
The report also highlights that approximately 31,300 people lost their lives due to global natural catastrophe events in 2022, with Asia Pacific accounting for approximately 4,000 deaths. The number of fatalities from tropical cyclones was also at its lowest in at least 66 years. This is not only a result of below-average activity, but also improved disaster response and adaptation measures. Tropical cyclone losses in Asia Pacific dropped to one of the lowest with accumulated cyclone energy (ACE) scores in the northwest Pacific and north Indian oceans reaching their fifth and fourth lowest values since 1991, respectively.
George Attard, chief executive officer, Reinsurance Solutions, Asia Pacific at Aon said, “The extreme weather in the region throughout the year highlights the continuing need to strengthen resilience by adopting effective adaptation and risk management strategies. This includes improved mitigation through warning systems and advanced analytics that help assess the potential impact of events and enhance disaster response. There is an increasing need for organisations to shift to a data-driven and analytical approach to address and navigate emerging and evolving risks, build a resilient workforce, have access to new forms of capital, as well as scalable innovative solutions regardless of their size. The data, statistics and analytics of this report are intended to help organisations understand natural disaster and extreme weather trends, quantify and qualify issues influencing catastrophe risk, and make better decisions to protect and grow their business.”
Further findings of the 2023 Weather, Climate and Catastrophe Report: APAC Insights include:
Nearly 86 percent of economic losses in the region are not covered by insurance.
Flood losses continued to maintain dominance as the costliest peril for the third consecutive year, accounting for more than 61 percent of the total economic loss. Much of the flood losses in 2022 occurred in South Asia, where the protection gap remains very high as flood insurance cover is not widespread.
In recent years, flooding has been prominent in terms of economic losses, partly from continuing La Niña conditions, which drove prolific rainfall in Sydney, Australia, Sindh, Pakistan and Meghalaya, India, increasing risks of deadly landslides and/or overflowing rivers.
High temperatures affected India and Pakistan early in March 2022. In India, it was the hottest March on record since 1901.
In Japan, a record number of people were admitted to hospitals due to heatwaves, which followed an early end to the plum rain season. China had its second driest summer and most extensive and longest heatwave on record.
Monsoonal floods in Pakistan had a far-reaching humanitarian impact on the country, with 1,739 lives lost and over 33 million people affected. Ongoing impacts were felt through acute malnutrition or waterborne diseases such as typhoid, diarrhea and malaria. Hospitals were overwhelmed as thousands of health facilities were destroyed in the flooding. In a summary of the 2022 monsoon season, the Pakistan Meteorological Department noted that country-wide rainfall from July to September was 175 percent above average.
While technological innovation has allowed for better insight, including faster and more thorough assessments of damages during and after a catastrophic event, the Aon study examines resilience and the ability to overcome climate-related consequences – not only for physical risks, but also in areas such as the health of the workforce – reiterating the need to build multi-faceted strategies that account for climate change risk mitigation on all fronts.
Brad Weir, head of Analytics for Asia at Aon, said, “While a majority of total losses in 2022 were left uninsured, the 86 percent ‘protection gap’ highlights the vulnerability of our region’s communities, but also the opportunity for new solutions. As climate change continues to affect the frequency, location and intensity of weather events, the physical and tangible risks will continue to evolve. Through private and public sector collaborations and data-driven analytics, organisations can help turn climate science into action to enhance their own risk mitigation and also support addressing the protection gap to better safeguard the communities in which we live and work.”
The top 10 global economic loss events in 2022 were:
Date
Event
Location
Deaths
Economic Loss
Insured Loss
($ billion)
($ billion)
09/27 – 10/01
Hurricane Ian
United States, Cuba
157
95.5
52.5
Annual
European Drought
Southern, Western & Central Europe
N/A
22
3
Annual
U.S. Drought
United States
N/A
16
8
06/14 – 10/30
Pakistan Seasonal Floods
Pakistan
1,739
15
0.1
06/01 – 09/30
China Seasonal Floods
China
195
15
0.4
03/16
Fukushima Earthquake
Japan
4
9.1
2.9
02/23 – 03/31
QLD & NSW Floods
Australia
22
8
4
Annual
China Drought
China
N/A
7.6
0.2
02/18 – 02/19
Windstorm Eunice
Western & Central Europe
17
4.5
3.4
05/17 – 10/31
India Seasonal Floods
India
2,135
4.2
0.1
All other events
~27,100
115.6
57.4
TOTALS
~31,300
313 billion
132 billion
The full report and a short video are available on Aon’s interactive microsite. Along with this report, readers can access current and historical natural catastrophe data and event analysis at catastropheinsight.aon.com. For additional regional insights, view the 2023 Weather, Climate and Catastrophe Report: APAC Insights here. Hashtag: #ClimateRisk #Aon #WeatherClimateCatastrophe #NaturalDisasters #AsiaClimateRisks #FloodLoss #EconomicLoss
The issuer is solely responsible for the content of this announcement.
Aon
Aon plc (NYSE: AON) exists to shape decisions for the better — to protect and enrich the lives of people around the world. Our colleagues provide our clients in over 120 countries and sovereignties with advice and solutions that give them the clarity and confidence to make better decisions to protect and grow their business.
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. There 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.