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FM Global Urges Insurance Readiness Amid Extreme Weather

by Celia

As extreme weather events in Asia intensify, fueled by La Niña, rising temperatures, and tropical cyclones, FM Global is urging businesses in the region to enhance their insurance readiness. The firm emphasized the crucial need for comprehensive coverage and proactive risk management as companies prepare for potential disruptions.

La Niña, which could materialize weakly in late 2024 and early 2025, is expected to bring heavy rainfall to countries such as the Philippines, Indonesia, and Malaysia, increasing the risk of floods and landslides. Commercial property owners in flood-prone regions are advised to reassess their insurance policies, particularly for coverage on property damage and business interruption.

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The devastating floods in Thailand in 2011, which caused billions of dollars in economic losses, serve as a stark reminder of the critical role insurance plays in mitigating climate-related risks.

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Furthermore, the persistence of extreme heat in South and Southeast Asia is raising concerns over both property damage and health risks. Tropical cyclones remain a significant threat, especially for countries like the Philippines, Vietnam, and southern China, where stronger typhoons are expected due to rising sea temperatures.

While La Niña may lead to heavy rainfall in certain areas, other regions like Singapore and parts of Malaysia could experience drought conditions due to changing moisture patterns. This further underscores the need for businesses to remain vigilant and prepared for the unpredictable weather ahead.

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