Media OutReach
Wildfires and Floods Caused Billion-Dollar Economic Loss in Asia Pacific in the first quarter of 2025: Aon Report
- 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.
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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.
A Response to a Changing Regulatory Environment
Singapore’s corporate sustainability environment has undergone a major transformation in recent years. What began as voluntary corporate social responsibility is now transitioning into a regulated requirement driven by new disclosure mandates. The Singapore Exchange (SGX) requires all listed companies to publish sustainability reports, with climate-related disclosures to be aligned with the International Sustainability Standards Board (ISSB) framework.
These developments mirror global trends, including the European Union’s Corporate Sustainability Reporting Directive (CSRD) and the proposed climate disclosure rules by the US Securities and Exchange Commission (SEC). Notably, these frameworks are influencing supply chains and investment decisions worldwide.
A Commitment to Rigorous Standards and Responsible Practice
The certification was issued by the Institute of Singapore Chartered Accountants (ISCA) under the Professional Certification in Sustainability Assurance programme, which focuses on the International Standard on Sustainability Assurance (ISSA 5000). The curriculum also covers key frameworks, such as ISAE 3000, ISO 14064-3, and the reporting principles set out by the Sustainability Reporting Advisory Committee (SRAC).
Participants undergo six months of structured e-learning and a three-day capstone assessment module, which includes a comprehensive 65-question examination. The programme integrates the Task Force on Climate-related Financial Disclosures (TCFD), European Sustainability Reporting Standards (ESRS), Global Reporting Initiative (GRI), Carbon Disclosure Project (CDP), the Sustainability Accounting Standards Board (SASB), and other global reporting standards.
“The certification demonstrates our firm’s dedication to professional rigour and to supporting Singapore’s transition toward a sustainable, transparent economy,” as revealed by Ethan Ong, Director of Credo Assurance. “We aim to strengthen stakeholder confidence and enhance the quality of ESG reporting.”
New Sustainability Assurance Services to Support Businesses Across Sectors
Building on this certification, Credo Assurance has launched its sustainability assurance service. The firm will provide assurance on ESG disclosures, assess internal data controls, and advise on alignment with recognised frameworks such as GRI, ISSB, TCFD, and SASB. In addition, the service covers climate audit and reporting, ESG data verification, and training programmes to help companies integrate sustainability practices into daily operations.
Credo Assurance’s new offering aims to support a wide spectrum of organisations, from listed companies preparing for upcoming SGX requirements to SMEs participating in global supply chains. Industries with significant environmental or social footprints, such as energy, construction, manufacturing, transport, and real estate, are expected to benefit most from independent verification. These services also extend to firms seeking ESG-linked financing or those aiming to enhance their brand credibility and investor trust through transparent reporting.
Shaping the Future of ESG Assurance in Singapore
As Singapore moves toward mandatory climate-related disclosures in 2025, ESG assurance is set to become essential in the audit and accounting sector. Independent verification of non-financial information, such as carbon emissions, labour practices, or governance metrics, helps ensure sustainability reports present accountable and measurable performance.
“ESG assurance is the next evolution of trust in business reporting,” said Mr Ong. “It applies the principles of audit integrity to sustainability, enabling companies to demonstrate both their financial performance and their broader responsibility to society and the environment.”
Hashtag: #CredoAssurance #AccountingFirmSingapore #ESGAssurance
https://credo.sg/
https://www.linkedin.com/company/credo-assurance-llp
The issuer is solely responsible for the content of this announcement.
About Credo Assurance
Credo Assurance LLP is an ACRA-registered public accounting firm in Singapore. They provide audit, accounting, and advisory services to both businesses and individuals, helping clients navigate complex regulatory requirements and economic challenges.
Media OutReach
Understanding Credit Exemptions at SIM: A Guide for Polytechnic and SIM GE Diploma Graduates
Understanding Credit Exemptions
Credit exemptions enable students to receive recognition for modules previously completed during prior studies. This eliminates the need to repeat similar content, allowing eligible students to focus on new areas of learning. This practice, widely adopted in higher education, ensures students build upon existing knowledge while meeting the academic standards of their chosen degree programme.
Eligibility and Assessment
Credit exemptions at SIM GE are not granted automatically. Each application undergoes a rigorous evaluation to maintain academic integrity. The assessment considers several factors, including the relevance of previous qualifications to the chosen degree, the level and content of prior modules compared to the programme requirements, and the accreditation and recognition of the awarding institution. Through these measures, SIM GE ensures flexibility for students with diverse educational backgrounds while upholding academic excellence.
Types of Exemptions Available
SIM offers several pathways for credit exemptions, depending on prior qualifications and programme requirements. Holders of relevant Polytechnic or equivalent diplomas may receive exemptions that can reduce the overall study duration by up to one year, subject to programme-specific criteria and GPA requirements. Students who have completed SIM GE diplomas or other recognized qualifications may be eligible for advanced standing when enrolling in selected partner university programmes offered through SIM Global Education. For applicants with qualifications outside standard frameworks, exemptions are assessed individually on a case-by-case basis to ensure alignment with academic standards and programme requirements.
Key Information for Applicants
Credit exemptions are designed to acknowledge prior learning while ensuring that all students meet the academic standards of their chosen programme. They are not guaranteed and vary based on factors such as the relevance of previous qualifications, programme requirements, and institutional recognition. Applicants are encouraged to review the specific exemption policies for their intended programme and seek guidance from SIM Counsellors to understand their options.
References:
- SIM GE University Partners – https://www.sim.edu.sg/degrees-diplomas/sim-global-education/university-partners-sim-ge
Hashtag: #SIMGlobalEducation #SIMGE #GlobalEducation #InternationalDegree #CareerReady #FutureSkills
The issuer is solely responsible for the content of this announcement.
About SIM Global Education
SIM Global Education (SIM GE) is a leading private education institution in Singapore and the region. We offer more than 140 academic programmes ranging from diplomas and graduate diploma programmes to bachelor’s and master’s degree programmes with some of the world’s most reputable universities from Australia, Canada, Europe, United Kingdom, and the United States. SIM GE’s cohort is made up of 16,000 full- and part-time students and adult learners, of which approximately 36% are international students hailing from over 50 countries.
SIM GE’s holistic learning approach and culturally diverse learning environment aim to equip students with knowledge, industry skills and employability competencies, as well as a global perspective to succeed as future leaders in a fast-changing, technologically driven world.
For more information on SIM Global Education, visit sim.edu.sg
Media OutReach
30 Million Strong: China Changan Automobile Group Hits Historic Production Milestone, Ushering in New Era of User-Centric, Tech-Driven Global Growth
“Changan remains committed to delivering smarter, greener, and more fulfilling mobility, meeting the aspirations of global users for a better future.” said Zhu Huarong, Chairman of China Changan Automobile Group.
Uncompromising Safety: The “Safe Journey Home”
Safety is Changan’s top priority, a commitment dating back to 1999 with China’s first minivan crash test. Since then, the company has advanced its protective capabilities from passive safety structures to today’s active safety interventions. Backed by the industry’s only State Key Laboratory of Intelligent Vehicle Safety Technology, Changan uses its proprietary CA-ITVS verification system to subject vehicles to over 5 million kilometers of testing—guaranteeing a lifespan of 10 years or 260,000 kilometers.
In the smart era, Changan is redefining protection with its newly launched “SDA Intelligence”. Moving beyond physical defense, SDA Intelligence introduces a holistic safety ecosystem that secures both passengers and their data, ensuring a “Safe Journey Home” in every dimension.
Tech-Driven: Innovations That Matter
Driven by its Green and Intelligent strategies, Changan is bringing tangible innovations to market. The Green Plan targets electrification, battery safety, and new energy vehicle ecosystems, while the Intelligent Plan advances vehicle intelligence, autonomous systems, and connectivity. Key breakthroughs include the Golden Shield Battery system for superior safety, and the high-frequency pulse heating for cold-weather efficiency. The BlueCore 3.0 powertrain delivers hybrid and ICE solutions, balancing high performance with exceptional fuel economy. These technologies ensure that every journey is efficient and reliable.
A Bold Future: Smart Mobility and Global Reach
Looking ahead to 2030, Changan has unveiled a visionary roadmap to rank among the world’s top 10 automotive brands with annual sales of 5 million units. By 2030, Changan expects over 60% of sales to be new energy vehicles and 30% to come from overseas markets, solidifying its place on the world stage.
The issuer is solely responsible for the content of this announcement.
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