Insurance sector's exposure to climate risk
Methodology/ Standard / Classification/ Taxonomy / Reference
Insurance and takaful claims due to natural catastrophes
Unit (e.g. CO2)
Currency (e.g. MYR)
Dimension (e.g. Sector, Customer)
Observation on data availability/gaps
Data by entity can be requested on ad-hoc basis from Insurance Services Malaysia. ISM collects data on insured related natural catastrophes, but only applicable to flood under fire class. Munich RE, Swiss RE and BoE have reported this information but on a global basis and aggregated level.
Global for Munich RE only: 1.https://www.munichre.com/content/dam/munichre/mrwebsiteslaunches/natcat-2022/2021_Figures-of-the-year.pdf/_jcr_content/renditions/original./2021_Figures-of-the-year.pdf
Data on "Number of Policies/Certificates", "Number of Claims", "Gross Claims Incurred" and "Net Claims Incurred" by climate change-related products, such as Flood under Motor class, Fire class and Other class are collected from insurers and takaful operators on a half-yearly basis by BNM via CCPT reporting.