Fintech PR
Turkey and Syria Earthquakes Drive Nearly Half of Economic Losses from Global Catastrophes in First Half of 2023: Aon
Global insured losses were fourth highest on record at $53 billion, elevated by U.S. severe convective storms
LONDON, July 20, 2023 /PRNewswire/ — Aon plc (NYSE: AON), a leading global professional services firm, today published its Global Catastrophe Recap: First Half (1H) of 2023, revealing a preliminary estimate of $194 billion in economic losses stemming from global natural disasters. Notably, this is above the 1H average of $128 billion for the 21st century, the fifth highest on record and the highest since 2011.
The earthquakes in Turkey and Syria during the first quarter of 2023 were responsible for nearly half of the total economic losses, estimated at $91 billion. The event also became the deadliest global disaster since 2010 and the costliest in both countries’ modern histories. As a result, economic losses in the EMEA region were unprecedented at $111 billion, far exceeding the previous 1H record of $71 billion set in 1990.
The event showed that regulation and enforcement of modern building codes are of critical importance to prevent material losses and fatalities. Despite relatively strict and modern building codes currently in place in Turkey, structural integrity and performance varied in the affected regions. Many of the collapsed buildings were built relatively recently, with many total collapses of newly built multi-story residential buildings.
“Despite the reality that communities globally remain at risk to catastrophes, only about 27 percent of economic losses this year have been insured. These devastating events reinforce the importance of resilience and the mitigation of risk – such as enforcing building codes, which was highlighted by the Turkey and Syria earthquakes,” said Michal Lörinc, head of Catastrophe Insight, Aon. “As we continue to face interconnected risks, we are focused on scaling risk mitigation and helping organizations make better decisions to close the global protection gap and enrich lives around the world.”
While the earthquake event was the costliest from an insurance perspective, severe convective storm (SCS) activity in the United States dominated global losses during this period. In the first half of 2023, U.S. SCS activity was responsible for at least 13 individual billion-dollar events and $35 billion in total preliminary insured losses, setting a new 1H record.
Additional highlights from the report include:
- Two back-to-back, billion-dollar disasters impacted the North Island of New Zealand within a three-week period in the first quarter of 2023: remnants of Cyclone Gabriele and severe flooding in Auckland. These events are ranked as the fifth and sixth costliest events for insured losses in New Zealand overall, only surpassed by the earthquakes of 2010, 2011 and 2016.
- Prolonged wildfire activity across multiple Canadian provinces resulted in more than 10 million hectares of land being burned, and thick smoke plumes generated hazardous air conditions with potentially significant health impacts for tens of millions of people across North America. While some populated areas were affected with an estimate of hundreds of millions in economic losses – notably on the outskirts of Halifax in Nova Scotia by the Tantallon wildfire – the vast majority of the fires did not cause significant material damage to property.
- This year’s economic losses of $194 billion already constitute 60 percent of the average annual global total. Global insured losses from natural disaster events in 1H 2023 were $53 billion, preliminarily 46 percent above the 21st-century average. Disaster costs continued to be affected by inflationary pressure, still persistent in many parts of the world, as well as other societal factors including demographics and wealth distribution that remain a major driver of financial loss.
- Notable heatwaves occurred worldwide, with the global sea surface temperature extremely high: recorded temperatures this year were higher than in any previous year since 1981. In the first half of the year, some areas experienced water temperatures of up to 5˚Celsius, or 9˚ Fahrenheit, higher than usual. This trend is continuing into the second half of the year.
Access Aon’s Global Catastrophe Recap: First Half of 2023 here. More information about Aon’s climate solutions for insurers is available here and resources to address climate change and sustainability are available here.
About 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.
Follow Aon on LinkedIn, Twitter, Facebook and Instagram. Stay up-to-date by visiting the Aon Newsroom and sign up for News Alerts here.
Media Contact
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Lennard Yong Appointed as Founding Management and Group CEO to Spearhead Ascentium’s Global Expansion
SINGAPORE, Sept. 24, 2024 /PRNewswire/ — Ascentium, a new global business services platform backed by Hillhouse Investment, today announced its official launch, the opening of its Singapore headquarters, and the appointment of Lennard Yong as Founding Management and Group CEO. This milestone marks the culmination of an extraordinary year for Ascentium, which has consolidated 5 strategic corporate services acquisitions to form the foundation of its current enterprise in Asia Pacific.
Under the group name Ascentium, the platform aims to globalise business operations and assist clients in scaling greater heights. The company’s mission extends beyond Asia Pacific, with plans to expand into key jurisdictions in offshore territories, the UK, and EMEA in the near future.
Ascentium’s launch comes at a pivotal moment in global business trends. The world has evolved into multipolar markets, increasing the need for clients to de-conglomerate their global corporations and adapt decisions regionally and locally. This shift coincides with the emergence of a new wave of leaders and talent, inspired by different social and work values, who are driven to excel in organisations that recognise and value their professional service contributions. Furthermore, the advent of technological advancements now allows Ascentium to prioritise improvements in client pain points and internal efficiency. Finally, with the end of more than a decade of low interest rates and higher core inflation globally, there is a growing necessity for investments that prioritise core operating productivity and sustainable real business growth.
Ascentium’s first acquisition was InCorp Global, based in 8 markets with headquarters in Singapore. Following 4 additional acquisitions, Ascentium now boasts approximately 1,500 professionals across 9 markets in the Asia-Pacific region, delivering solutions for over 20,000 active clients across diverse industries. With this foundation, Ascentium aims to become a global leading technology-enabled corporate service provider anchored in Singapore, helping its clients and people to scale to greater heights.
Lennard Yong, Founding Management and Group CEO of Ascentium, shared his vision: “I am grateful for the opportunity to build Ascentium with the sponsorship of Hillhouse. From the beginning, Hillhouse shared our observations about shifting global trends and recognised the need for business service providers to capitalise on these changes. Ascentium’s core mission is to globalise the world by adapting to these trends and becoming a technology-enabled corporate services provider for our clients.”
Lennard continued, “Today marks a significant milestone in our journey. Ascentium was conceived over 12 months ago but is now a reality in 9 markets, employing nearly 1,500 people. I am thankful for the commitment of my leaders and team, especially our Founding Management and Group President, Wendy Wang, the group officers of Ascentium, and the CEOs of our key markets. We are excited for the future and look forward to our partnership with Hillhouse, our clients and our people.”
Sean Carney, Partner, Co-Head of Global Buyout at Hillhouse Investment, expressed his support: “Lennard is an experienced industry leader with a proven track record in building business services platforms globally. We are thrilled to partner with his team on Ascentium’s growth journey. This partnership aligns with our investment philosophy of supporting businesses that drive transformation and unlock growth potential. Ascentium’s understanding of changing global trends, innovative approach, and commitment to client success position it well to address the evolving needs of businesses in a complex global environment.”
About Ascentium
Ascentium is a leading global business services platform dedicated to helping businesses scale greater heights. Headquartered in Singapore and backed by Hillhouse Investment, we empower extraordinary growth through specialised expertise across secretarial, finance, payroll, HR administration, family office, fund administration, GRC, and cross-border & FDI specialist services. Our team of 1,500 professionals spans 9 markets in the Asia-Pacific region, serving over 20,000 active clients across diverse industries. Through innovative, technology-enabled solutions and collaborative approach, Ascentium drives transformative growth, helping clients navigate complex global environments.
For more information, visit: ascentium.com
About Hillhouse Investment
Hillhouse Investment is a long-term investor focused on partnering with quality business leaders to help them grow their organizations globally. For almost 20 years, Hillhouse has worked alongside traditional businesses that have redefined their industries. Our goal is to establish alignment and build sustainable, forward-thinking companies that create lasting value for all stakeholders. Hillhouse is a full life-cycle private equity firm, investing for the long term across opportunities in the business services, healthcare, consumer, and industrials sectors. Operating an integrated platform spanning private equity, credit, real assets and public equity, the firm manages capital on behalf of global institutions such as non-profit foundations, endowments, sovereign wealth funds, and pensions.
Media Contacts
- Nancy So – Associate Director, Group Marketing, Ascentium
[email protected] - Roger Ng – Head Edelman Smithfield Singapore
[email protected]
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Fintech PR
XDI Launches XDI Climate Risk Hub: A New Platform for On-Demand Physical Climate Risk Analysis
Technology tested by regulators and banks now available to all sectors
NEW YORK, Sept. 23, 2024 /PRNewswire/ — XDI (Cross Dependency Initiative) is today launching the XDI Climate Risk Hub from New York Climate Week, an innovative platform that provides on-demand, physical climate risk analysis for financial institutions, companies, and governments worldwide.
“This new platform enables users to conduct real-time assessment of assets located anywhere in the world under a single, auditable methodology. It addresses the growing demand for accurate, comparable climate risk analysis to support decision-making across industries and jurisdictions,” says Dr Karl Mallon, Co Founder and Head of Science and Technology, XDI (Cross Dependency Initiative).
The XDI Climate Risk Hub technology was first launched in May this year via a new platform developed with The Hong Kong Monetary Authority (HKMA) – Hong Kong’s central banking institution. The HKMA Physical Risk Assessment Platform – which is currently being rolled out in a phased approach – offers all Hong Kong banks free access to instant and secure physical climate risk analysis. It is the first initiative of its kind in the international banking sector.
Now, with its broader release, the XDI Climate Risk Hub expands its reach to meet the needs of clients from all sectors, and with assets located anywhere in the world.
The XDI Climate Risk Hub offers world-leading physical climate risk analysis at the touch of a button, from screening a single asset or portfolios of tens of thousands of assets, to performing in-depth analysis for due diligence and adaptation planning. Users can utilise the platform for a wide range of applications, including counterparty risk analysis, infrastructure risk assessments, operational risk assessments, and adaptation planning. It also allows users to screen new sites for climate risk, dive deep into high-risk asset subsets, and meet compliance and disclosure obligations.
The XDI Climate Risk Hub features three risk rating bands, and suite of financial risk metrics, for nine climate hazards, four climate scenarios, five-year time steps for analysis through to 2100, and a spatial resolution of up to 5m x 5m.
XDI views the launch of the XDI Climate Risk Hub as a critical step in its mission to make high-quality climate data accessible to as many decision-makers as possible. The increasing focus on adaptation in the platform, with new features being introduced throughout the rest of the year, is part of its commitment to supporting banks, companies and governments move from risk to resilience.
About XDI
The team behind XDI (Cross Dependency Initiative) was established in 2007, making the group the world’s longest standing independent specialist in physical climate risk and adaptation analytics. Today, XDI is the largest provider of physical climate risk analysis to banks in the world. XDI is part of The Climate Risk Group.
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With Finastra Payments To Go, the bank enhances its payments infrastructure and unlocks new opportunities
LAKE MARY, Fla., Sept. 23, 2024 /PRNewswire/ — Finastra today announced that First Pacific Bank, a Southern California-based community bank that offers custom financial solutions for individuals and businesses, has selected Finastra Payments To Go to modernize its payments infrastructure. The cloud-based, SaaS payments hub solution will help the bank to deliver FedNow send and receive services 24/7, support ISO 20022 compliance, and enable its projected growth.
As part of Finastra’s commitment to Open Finance, Payments To Go offers seamless connectivity to other software providers, fintechs, and financial institutions, giving banks the flexibility needed to deploy modern and agile payment solutions quickly and efficiently.
“Our selection of Payments To Go was driven by the need for a robust instant payments platform that supports our growth and innovation plans, particularly as we expand our commercial business,” said Sharokin Badal, SVP, Director of Deposit and Treasury Services at First Pacific Bank. “With Finastra, our customers will benefit from additional payment offerings, enabling better cash flow and financial management. The modernity and scalability of Payments To Go, along with its seamless integration with our existing vendors, make it the ideal solution.”
Deployed on Microsoft Azure cloud, Payments To Go provides the bank with the agility needed to offer new and innovative payments rails, including FedNow Service. As one of the first software providers in the industry to complete certification for the FedNow Service and ISO 20022 compliance, Finastra is well-positioned to provide financial institutions with the ability to deliver instant payment services around the clock, with more than 200 customers across the US able to launch FedNow Service through its solutions.
“Our payments as a service solution provides First Pacific Bank with a modern infrastructure that enables scalability and an enhanced customer experience,” said Radha Suvarna, Chief Product Officer, Payments at Finastra. “We’re pleased that the bank selected us to not just prepare them for regulatory and compliance requirements, but to support the team as they meet the moment to unlock new opportunities in payments innovation.”
“Readiness for both ISO 20022 messaging standards for Fedwire and the FedNow Service are critically important for community-based financial institutions to stay competitive and compliant as the instant payments space continues to evolve,” said Erika Baumann, Director Commercial Banking and Payments at Datos Insights. “By aligning with global standards and embracing new payment rails, community banks are well positioned to improve their offerings.”
To learn more about Payments To Go, visit Finastra at Sibos 2024 on stand G30.
About Finastra
Finastra is a global provider of financial services software applications across Lending, Payments, Treasury and Capital Markets, and Universal (retail and digital) Banking. Committed to unlocking the potential of people, businesses and communities everywhere, its vision is to accelerate the future of Open Finance through technology and collaboration, and its pioneering approach is why it is trusted by ~8,100 financial institutions, including 45 of the world’s top 50 banks. For more information, visit finastra.com.
About First Pacific Bank
First Pacific Bank is a wholly owned subsidiary of First Pacific Bancorp (OTC Pink: FPBC) and is a growing community bank catering to individuals, professionals, and small-to-medium sized businesses throughout Southern California. With a history that spans 17 years, the Bank offers a personalized approach, access to decision makers, a broad range of solutions, and a commitment to delivering an exceptional customer experience. First Pacific Bank operates locations in Los Angeles County, Orange County, San Diego County, and the Inland Empire. For more information, visit firstpacbank.com or call 888.BNK.AT.FPB.
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