HONG KONG SAR – Media OutReach Newswire – 14 May 2025 – Hang Lung Properties Limited (SEHK Stock Code: 00101) (the “Company” or “Hang Lung”) is pleased to announce the launch of NET•WORK, a premier coworking space in the heart of Central, Hong Kong. As Hong Kong continues to strengthen its status as an international financial center, NET•WORK’s vibrant and flexible office spaces have attracted financial institutions, professional services firms, and TMT (technology, media, and telecom) companies, achieving 70% occupancy during the soft-launch period.
(From left) Mr. Mikael Jaeraas, Senior Director – Retail and Hong Kong Business Operation, and Ms. Helen Lau, Deputy Director – Hong Kong Business Operation, at the launch event of NET•WORK, showcasing its key features.
Mr. Herman Chui, Senior Director – Office, Hotel & Residence of Hang Lung Properties, said, “Hang Lung Properties creates compelling spaces that enrich lives. NET•WORK was created to connect people and business communities, serving as a space where work and life will find the ultimate balance. Strategically located within Central’s iconic Standard Chartered Bank Building, NET•WORK embodies our vision is to become a premium and leading flexible business solution provider. From eco-friendly building materials and energy saving facilities to air quality management and control, NET•WORK sets itself apart with its full commitment to sustainability and supporting our community. NET•WORK provides professional ‘turn-key’ solutions in which the hassle of fitting out no longer exists. While market challenges persist, Hong Kong has a key role to play, not only as an integral part of the Greater Bay Area, but also as Asia’s premier financial hub. NET•WORK’s achievement of strong occupancy within months since its soft launch validates the market demand for centrally located, quality and flexible business solutions. Building on the success of HANGOUT, the Company’s branded multifunctional workspace in mainland China, we expect our flexible business solutions to generate even more cross-border opportunities going forward.”
NET•WORK represents the connection, a hub for businesses to grow, and for people to connect and be inspired
The name NET•WORK represents the connection, a hub for businesses to grow, and for people to connect and be inspired. Ergonomically designed and tastefully decorated, the 13,000-square-foot NET•WORK offers bespoke, functional and sophisticated spaces ideal for fast growing enterprises, entrepreneurs, and client meetings. It features dedicated private offices and dynamic shared spaces, including 27 private offices, 212 workstations, and professional conference facilities. The space has already established itself as a nexus for high-value business connections, having hosted multiple networking events.
NET•WORK’s versatile, well-appointed venues provide the perfect setting to forge connections and showcase businesses
Members of NET•WORK can enjoy unparalleled benefits within the Hang Lung portfolio, which comprises offices and retail spaces across the border:
One membership, dual access: Privileges across NET•WORK (Hong Kong) and HANGOUT (mainland China)
Exclusive leasing offers for offices, retail spaces, and serviced apartments within Hang Lung’s Hong Kong and Mainland properties
hello program benefits: Members can enjoy exclusive dining experiences at Michelin-starred restaurants within our Central portfolio, earning hello points redeemable for premium rewards through the hello Hang Lung Malls Rewards Program.
All workstations are equipped with ergonomic chairs and height-adjustable desks featuring USB-C monitor compatibility
With NET•WORK, Hang Lung reaffirms its commitment to redefining workplace innovation, strengthening Hong Kong’s position as Asia’s premier commercial hub and setting a new benchmark for corporate excellence.
Various amenities, including the pantry (left) and wellness room (right), are thoughtfully designed to enhance the well-being of office workers
Hashtag: #HangLung
The issuer is solely responsible for the content of this announcement.
About Hang Lung Properties
Hang Lung Properties Limited (SEHK stock code: 00101) creates compelling spaces that enrich lives. Headquartered in Hong Kong, Hang Lung Properties develops and manages a diversified portfolio of world-class properties in Hong Kong and the nine Mainland cities of Shanghai, Shenyang, Jinan, Wuxi, Tianjin, Dalian, Kunming, Wuhan and Hangzhou. With its luxury positioning under the “66” brand, the company’s Mainland portfolio has established its leading position as the “Pulse of the City”. Hang Lung Properties is also recognized for leading the way in enhancing sustainability initiatives in the real estate industry, all the while pursuing sustainable growth by connecting customers and communities.
HONG KONG SAR – Media OutReach Newswire – 14 May 2025 – European culinary delicacies shine this May, as the “Enjoy the Authentic Joy from Europe” campaign celebrates four premium delicatessen meats with an exclusive press luncheon and a promotion at select city’super stores. This exciting campaign, co-financed by the European Union and supported by three esteemed consortia, brings the rich, indulgent flavours of Mortadella Bologna PGI, Salamini Italiani alla Cacciatora PDO and Zampone Modena PGI and Cotechino Modena PGI to the dynamic city of Hong Kong.
Special Press Luncheon As part of the “Enjoy the Authentic Joy from Europe” campaign, an exclusive press luncheon is taking place on 14 May 2025. Hosted at Giando Italian Restaurant & Bar in Hong Kong, the event brings together key media representatives, influencers, and food enthusiasts to indulge in a customised menu featuring the iconic products.
The lunch also includes an introduction from representatives of the three consortia behind these meats: Consorzio Italiano tutela Mortadella Bologna, Consorzio Cacciatore Italiano, and Consorzio Zampone e Cotechino Modena IGP.
In-store Promotion at city’super Following the press luncheon, the campaign will continue with an in-store promotion at city’super, one of Hong Kong’s leading, premium grocery stores. From 15 to 25th May 2025, four city’super locations will feature a ‘Gift with Purchase’ promotion, where customers who purchase any of the European deli meats will receive a free USB multi-charging cable, while stocks last.
The renowned deli meats will be showcased in the following city’super stores:
Central-IFC: Shops 1041-1049, Level 1, IFC mall, 8 Finance St, Central, Hong Kong
Causeway Bay-Times Square: B1, Times Square, Causeway Bay, Hong Kong
TST-Harbour City: Shop 3001, Level 3, Gateway Arcade, 3-27 Canton Rd, Harbour City, Tsim Sha Tsui, Hong Kong
Shatin-New Town Plaza: Shops 204-214, New Town Plaza 1, Sha Tin, Hong Kong
The in-store promotion will give customers the opportunity to explore, taste and purchase these exceptional products while learning more about their heritage.
Supporting Heritage and Quality The three consortia behind these products – Consorzio Italiano tutela Mortadella Bologna, Consorzio Cacciatore Italiano, and Consorzio Zampone e Cotechino Modena IGP – are non-profit organisations dedicated to safeguarding and upholding these traditional foods.
The consortia ensure that their deli meats meet strict production standards in compliance with the European Union’s PDO (Protected Denomination of Origin) and PGI (Protected Geographical Indication) certifications. These certifications not only protect the integrity of these products, but they ensure consumers of their authenticity, nutritional value, and quality while also supporting the producers who continue to craft them using time-honoured methods.
Interested consumers can also check out the campaign’s website https://www.enjoytheauthenticjoy.co/ and social media accounts – Instagram and Facebook – for the latest news and updates with more announcements to follow soon.
The content of this promotion campaign represents the views of the author only and is his/her sole responsibility. The European Commission and the European Research Executive Agency (REA) do not accept any responsibility for any use that may be made of the information it contains.
Hashtag: #EnjoytheAuthenticJoyfromEurope
The issuer is solely responsible for the content of this announcement.
HONG KONG SAR – Media OutReach Newswire – 14 May 2025 – FGA Trust, a Hong Kong-based innovative licensed digital trust platform provides comprehensive fiduciary solutions, has been officially appointed as the Eligible Introducer of ABC Bank, an leading Mauritius financial institution with over a decade of regional expertise, marking a strategic leap to empower high-net-worth individuals(HNWIs) in tapping Africa’s booming investment opportunities.
This appointment aligns with both parties’ digital transformation roadmap, which combines the bank’s African foothold with FGA Trust’s AI-powered solutions to unlock high-growth opportunities for Asia’s HNWIs in Africa’s $3.4 trillion economy.
FGA Trust provides an AI-optimized solution to fasten the client onboarding application process, automating KYC and documentation process while ensuring full regulatory compliance.
Mauritius has been a strategic gateway for businesses to enter Africa, as it ranked among Africa’s top three foreign direct investment destinations. The appointment offers structured access to offshore bank accounts, trust structure, multiple financing and investment channels, tailored for Asian and African HNWIs alike.
FGA Trust’s AI-driven Wealth Corridor helps to bridge the Asian wealth with African growth via such an appointment, echoing the Belt and Road Initiative. It also merges FGA’s expertise in Asia private wealth frameworks with ABC’s on-ground insights into African jurisdictions.
Mr. Kavi Harilela, Director of FGA Trust, said: “This appointment isn’t just about bridging geographies—it’s about rewriting the rules of engagement between Asian capital and African innovation. Africa’s complexity demands more than ambition—it requires institutional trust. We would like to provide bank-grade custodianship and also build a foundation of compliance-by-design.”
By connecting FGA Trust’s AI precision and fiduciary solutions with the ABC Bank’s finance infrastructure, it is creating a frictionless pipeline for investments into Africa’s digital leapfrogging, opening up more opportunities for global HNWIs. Hashtag: #FGA #assetmanagement #HongKong #資產管理 #Trust #信托 #OffshoreBank #離岸銀行
The issuer is solely responsible for the content of this announcement.
FGA Trust
FGA Trust is a Hong Kong-licensed financial institution specializing in bank-grade asset protection and customizable trust solutions. Our services provide a secure framework for managing and safeguarding clients’ assets, ensuring their financial legacies are preserved according to their wishes. With a team of experts from the trust, financial services, and payment sectors, we utilize cutting-edge, compliant technology to deliver customer-first services that prioritize safety and discretion. At FGA Trust, we empower clients to live confidently, knowing their arrangements are optimized for their benefit.
Over a dozen abandoned book bags were piled before a pole flying the Myanmar flag outside the school building. (Photo credit: AFP)
AFP – A Myanmar junta airstrike hit a school Monday, killing 22 people, including 20 children, witnesses said, despite a purported humanitarian ceasefire called to help the Southeast Asian nation recover from a devastating earthquake.
The strike hit a school in the village of Oe Htein Kwin, around 100 kilometres (65 miles) northwest of the epicentre of the 28 March quake, at about 10:00 AM local time, locals said.
United Nations chief Antonio Guterres is “deeply alarmed” by reports of the strike, his spokesman told reporters in New York, adding that “schools must remain areas in which children have a safe place to learn and not be bombed.”
The green school building was a shattered husk on Monday afternoon, its metal roof crumpled with gaping holes blasted through its brickwork walls.
Over a dozen abandoned book bags were piled before a pole flying the Myanmar flag outside, as parents chiselled small graves out of the hard earth to bury the shrouded bodies of their children.
“For now, 22 people in total, 20 children and two teachers, have been killed,” said a 34-year-old teacher at the school, asking to remain anonymous.
“We tried to spread out the children, but the fighter was too fast and dropped its bombs,” she added. “I haven’t been able to collect all the casualty data as parents are in a rush.”
An education official from the village area in the Sagaing region took the same toll.
The junta information team said reports of the strike were “fabricated news”.
“There was no airstrike on non-military targets,” it said in a statement.
Myanmar has been riven by civil war since the military deposed a civilian government in 2021, with the junta suffering stinging losses to a myriad of anti-coup guerrillas and long-active ethnic armed groups.
But the military pledged a ceasefire throughout this month “to continue the rebuilding and rehabilitation process” after the magnitude 7.7 quake in Myanmar’s central belt that killed nearly 3,800 people.
‘Needs are immense’
Tens of thousands are still living outside after the catastrophic jolt demolished or badly damaged their homes, facing the prospect of the monsoon season starting in the coming weeks.
“The needs are immense,” Jagan Chapagain, secretary general of the International Federation of Red Cross and Red Crescent Societies, told AFP on Monday.
“My worry is that time is not on our side.”
The United Nations and independent conflict monitors say the junta has continued its campaign of aerial bombardment despite the armistice meant to alleviate suffering.
Last week, the UN said that since the earthquake, more than 200 civilians had been killed in at least 243 military attacks, including 171 airstrikes.
In its ceasefire declaration, the military warned it would take “necessary defensive measures” if pressed by its opponents.
Numerous anti-coup and ethnic armed groups have made their own pledges to pause hostilities.
However, during the truce, some residents in eastern Myanmar said they have been displaced as anti-coup forces besieged junta-held towns on a lucrative trade route towards neighbouring Thailand.
The March earthquake saw the ground shear up to six metres (20 feet) in places, according to NASA analysis, levelling apartments, opening yawning holes in roads, and collapsing one major bridge.
The relief response is also being hobbled by funding shortfalls after US President Donald Trump slashed Washington’s international aid budget.
HONG KONG SAR – Media OutReach Newswire – 14 May 2025 – The Chinese University of Hong Kong (CUHK) continues to attract international talent in specialised fields, as demonstrated by the journey of Jarinyagon CHANTAWANNAKUL, a final-year Biomedical Engineering student from Thailand. Her story highlights CUHK’s growing reputation as a premier destination for healthcare technology education in Asia.
CUHK Vice-Chancellor’s Scholarship awardee Jarinyagon CHANTAWANNAKUL (right) from Thailand receives recognition at the University’s Scholarship Presentation Ceremony 2021/22, exemplifying CUHK’s commitment to nurturing international talents. The significant scholarship recognises her outstanding academic achievements and potential contributions to healthcare innovation.
Choosing Excellence in Healthcare Innovation
Jarinyagon selected CUHK after recognising Hong Kong as one of Asia’s few locations offering specialised Biomedical Engineering programmes. The university’s comprehensive infrastructure, including dedicated libraries, laboratories, and teaching hospitals, along with its unique college system and generous hostel policy, proved decisive factors in her choice. Her academic excellence was recognised with the prestigious Vice-Chancellor’s Scholarship, ensuring her financial stability throughout her studies.
Academic Achievement and Research Excellence
Her academic journey has been marked by notable achievements, including the Charles K. Kao Scholarship, which supported her research exchange at Stanford University’s Department of Otolaryngology. Most recently, she secured funding from the Hong Kong Science and Technology Parks Corporation’s (HKSTP) Ideation programme to develop her final year project into a commercial product.
Biomedical Engineering student Jarinyagon CHANTAWANNAKUL gains hands-on research experience during her summer internship at Stanford University’s Department of Otolaryngology, School of Medicine.
Mentorship and Faculty Support
At CUHK, Jarinyagon has benefited from close mentorship by distinguished faculty members. Professor Scott Wu Yuan has served as her project supervisor, career mentor, and life adviser, while Professor Liting Duan’s guidance as academic adviser has helped ensure her continued success throughout the programme.
Global Exposure and Professional Development
Beyond classroom learning, Jarinyagon’s professional experience includes valuable internships at both Stanford University and a Hong Kong biotech company. Her first full-time paid position as an R&D intern in Hong Kong’s biotech sector provided crucial insights into industry operations and workplace dynamics in one of Asia’s primary business hubs.
Future Impact in Healthcare Innovation
Looking ahead, Jarinyagon aims to leverage her CUHK education to make meaningful contributions to healthcare through innovation. Her involvement with HKSTP’s Ideation programme exemplifies how CUHK prepares students to transform academic projects into practical healthcare solutions.
For Thai Students Considering CUHK
For prospective Thai students, Jarinyagon emphasises CUHK’s strong global reputation and generous scholarship opportunities as key attractions. The university’s diverse cultural environment provides invaluable opportunities for international students to expand their global perspectives while pursuing world-class education.
Hashtag: #CUHK
The issuer is solely responsible for the content of this announcement.
About CUHK
Founded in 1963, The Chinese University of Hong Kong (CUHK) stands as a leading comprehensive research university, consistently ranked among Asia’s top educational institutions.
PENANG, MALAYSIA / SINGAPORE – Media OutReach Newswire – 14 May 2025 – The Ascott Limited (Ascott), the wholly owned lodging business unit of CapitaLand Investment (CLI), is ramping up talent development to support the opening of more than 300 new properties by 2028. This global expansion is expected to create more than 12,000 new jobs, including over 1,500 property leadership roles. To power this growth, the company is launching Ascott Accelerate, a structured talent management programme that fast-tracks high-potential associates into hospitality leadership positions. This will be complemented by a digital learning platform offering flexible and accessible development opportunities for associates across all levels.
Connecting Ascott associates from across places and cultures, out-of-classroom initiatives such as the Ascott Global Exchange Programme and Ascott Learning Festivals provide in-person opportunities for associates from different regions to engage in cross-culture discussions and gain insights into best practices from expert trainers.
Both new initiatives are part of the Ascott Global Academy for Excellence (AGAX), a comprehensive training platform launched in 2024 to build a future-ready workforce and support Ascott’s target of achieving over S$500 million in fee-related earnings by 2028. AGAX is led by the Ascott Learning Council, co-chaired by Ms Wong Kar Ling, Chief Strategy Officer and Managing Director, Southeast Asia, and Mr Lee Ngor Houai, Chief Operating Officer for Europe, Middle East, Africa (EMEA), South Asia and China.
Ascott Accelerate is one of the many new initiatives introduced as part of the Ascott Global Academy for Excellence (AGAX). AGAX is a comprehensive training platform designed to build a future-ready workforce for Ascott. It was launched in 2024 at the group’s biennial Ascott Global Conference.
In 2024, Ascott continued its upward trajectory, achieving a third consecutive year of record fee-related earnings at S$343 million, reflecting a 12% year-on-year increase on a recurring basis[1]. This performance was driven by a 6% rise in revenue per available unit (RevPAU) and the opening of a record 11,700 units across 54 properties. Today, Ascott’s global footprint spans more than 990 properties in over 230 cities, with two-thirds already operational. The company is advancing its growth through a multi-typology brand strategy designed to scale and diversify its presence across key markets. Malaysia exemplifies this approach with a portfolio of more than 40 properties – both operational and in the pipeline – spanning serviced residences, hotels, resorts, social living spaces and branded residences. Fittingly, Ascott chose Penang – home to 21 of these properties – as the launch site for Ascott Accelerate and its new digital learning platform during the Ascott Learning Festival, reinforcing Malaysia’s role in supporting the company’s broader growth strategy.
Mr Lee Ngor Houai said: “At Ascott, our vision is to be the preferred hospitality company, enriching global living with heartfelt experiences. To deliver on this, we have expanded our portfolio beyond serviced residences to include hotels, resorts, social living spaces and branded residences, offering guests more choices under our brand promise ‘Stay Your Way.’ Our multi-typology brand framework not only caters to the diverse needs of today’s travellers, but also empowers our associates to develop broad-based expertise and thrive across different accommodation formats. As our business continues to grow and diversify, we remain deeply committed to developing our people, ensuring they have the skills and support to grow with us. Looking ahead, talent development will remain central to our strategy as we expand globally, with over 300 new properties set to become operational by 2028.”
Ms Wong Kar Ling said: “To future-proof our talent pipeline, we are excited to launch Ascott Accelerate, a comprehensive initiative designed to nurture high-potential talent at every stage of their hospitality careers. This programme supports associates from entry-level roles to key property leadership positions, such as Residence Manager and General Manager. Through mentorship, on-the-job training, project-based learning and e-learning, Ascott Accelerate will shape the next generation of hospitality leaders, equipping them with the capabilities to drive our continued success. As the training needs of our organisation evolve, we are also exploring partnerships with leading hospitality institutions to enhance the professional credentials of our team. We welcome individuals with a passion for hospitality to join us at Ascott, where opportunities to grow and thrive are part of our dynamic journey.”
With over 12,000 new jobs expected to be created across more than 300 new properties slated to open as part of Ascott’s global portfolio by 2028, the company’s talent management programme, Ascott Accelerate, will seek to train and fast-track high-potential associates into key property leadership roles.
Ascott Accelerate features three progressive career development tracks:
Aim, which builds foundational leadership skills essential for supervisors;
Advance, which strengthens the management capabilities required to lead as heads of departments; and
Aspire, which prepares future Residence Managers and General Managers through curated hands-on learning, equipping them with the agility and leadership skills to thrive in a fast-evolving hospitality landscape.
To turbocharge the programme, Ascott is also introducing a new digital learning platform that enables associates to learn anytime, anywhere. Featuring tailored content across key operational areas – including guest services, housekeeping, property maintenance, digital technology and finance – the platform empowers associates to develop relevant skills at their own pace, while balancing daily responsibilities.
In addition, Ascott is enriching learning experiences through initiatives like the Ascott Global Exchange Programme and Ascott Learning Festivals. The exchange programme offers promising associates short-term overseas postings to broaden their perspectives, adapt to new environments and learn from high-performing teams across the network. Complementing this, the Ascott Learning Festivals are dynamic, in-person events where associates gain insights into the latest industry skills and best practices from expert trainers and thought leaders.
Ms Wong added: “Hospitality is about connecting people across places, cultures and possibilities. At Ascott, we believe those connections should begin within our own teams. Just as we aspire to offer global living to our guests, we are equally committed to giving our associates the opportunity to experience the global nature of our business – whether through international assignments or globally connected platforms like our learning festivals. These initiatives reflect not only the scale of our operations but also why many are drawn to hospitality: a passion for people, culture and discovery.”
[1] Excluding fee-related earnings from one-off projects and the impact of foreign exchange movements. Hashtag: #hospitality #talentdevelopment #humanresource #Ascott
The issuer is solely responsible for the content of this announcement.
About The Ascott Limited
The Ascott Limited (Ascott) is driven by a vision to be the preferred hospitality company, enriching global living with heartfelt experiences. With a portfolio of over 990 properties across 230 cities in over 40 countries, Ascott’s presence spans Asia Pacific, Central Asia, Europe, the Middle East, Africa and the USA. Its diverse collection of award-winning brands includes Ascott, Citadines, lyf, Oakwood, Somerset, The Crest Collection, The Unlimited Collection, Fox, Harris, POP!, Preference, Quest, Vertu and Yello.
Ascott specialises in managing and franchising a wide range of lodging options, including serviced residences, hotels, resorts, social living properties and branded residences, catering to the varying needs and preferences of global travellers. Through the Ascott Star Rewards (ASR) loyalty programme, members enjoy exclusive privileges and curated experiences, enhancing every aspect of their travel journey.
As a wholly owned business unit of CapitaLand Investment Limited, Ascott generates fee-related earnings by leveraging its expertise in both lodging management and investment management. It also drives the expansion of funds under management by growing its sponsored CapitaLand Ascott Trust and private funds.
Headquartered and listed in Singapore in 2021, CapitaLand Investment Limited (CLI) is a leading global real asset manager with a strong Asia foothold. As at 31 March 2025, CLI had S$117 billion of funds under management held via stakes in seven listed real estate investment trusts and business trusts and a suite of private real asset vehicles that invest in demographics, disruption and digitalisation-themed strategies. Its diversified real asset classes include retail, office, lodging, industrial, logistics, business parks, wellness, self-storage, data centres, private credit and special opportunities.
CLI aims to scale its fund management, lodging management and commercial management businesses globally and maintain effective capital management. As the investment management arm of CapitaLand Group, CLI has access to the development capabilities of and pipeline investment opportunities from CapitaLand Group’s development arm. In 2025, CapitaLand Group celebrates 25 years of excellence in real estate and continues to innovate and shape the industry.
As a responsible company, CLI places sustainability at the core of what it does and has committed to achieve Net Zero carbon emissions for Scope 1 and 2 by 2050. CLI contributes to the environmental and social well-being of the communities where it operates, as it delivers long-term economic value to its stakeholders.
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.
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.