# Universal `--insurance` Section

Per-country property insurance landscape across all 87 supported countries (Tier-1: AE, CL, CO, DO, JP, TH, TR, US, UY, ZA + Tier-2: EG, GE, ID, IL, MA, MY, PH, VN added April 2026 + Tier-3: SG, HK, KR, TW, LI, MO, AD, MC, MD added May 2026 + Tier-4: QA, SA, PE, EC, PY, AM, AZ, TN added May 2026 + **Tier-5: IN, NG, KE, JO, OM, BH, KW, LB added May 2026**): catastrophic-risk reinsurance schemes, flood/earthquake availability, ballpark premium %, mortgage-mandatory rules, 2025-26 climate-risk reforms.

**Snapshot**: April–May 2026 (Tier-5 additions).

**Anti-hallucination**: every premium percentage is a broker-rule-of-thumb range; should not be quoted as authoritative for a specific transaction. `[verify]` flags figures that could not be confirmed against a primary source.

## Universal contract

For the property's country, return:
1. **Catastrophic-risk reinsurance scheme** if any
2. **Flood-policy availability**: universal? optional? denied in zones
3. **Earthquake-policy availability**: who must / who optional / who denied
4. **Average homeowner premium** as % of insured value (rebuild cost basis)
5. **Mortgage-mandatory or owner-optional**
6. **2025-26 climate-risk reforms**
7. **Confidence**: HIGH / MEDIUM / LOW

## Output template

```markdown
## Insurance Profile

**Country**: <ISO2>
**Catastrophic scheme**: <name + mandatory surcharge if any>
**Flood**: <universal | optional | denied in zones>
**Earthquake**: <universal | optional | denied>
**Premium % insured value**: <range>
**Mortgage-mandatory**: <yes | no>
**2025–26 reforms**: <list>
**Confidence**: <HIGH/MEDIUM/LOW>
```

**Standing caveats**:
- "Mortgage-mandatory" universally means lenders require fire/building cover at minimum; contents and liability are owner-optional
- "Insured value" = reconstruction cost basis in most civil-law jurisdictions; "sum insured" in common-law
- Climate reforms move quickly — 2026 figures are as of April 2026 and several are pending implementing decrees

---

## Europe

| Country | Cat-risk scheme | Flood | Earthquake | Premium % insured value | Mortgage-mandatory | 2025-26 reforms |
|---|---|---|---|---|---|---|
| **FR** | CCS Catnat — mandatory ~12% surcharge on multi-risk premium, **rising to 20% from 1 Jan 2025** per arrêté 22 Dec 2023 (ccr.fr, legifrance) | Universal via Catnat once commune declared "état de catastrophe naturelle" | Universal via Catnat | ~0.15-0.30% [verify ballpark] | Yes — assurance habitation required by lender; co-ownership mandates building cover under loi ALUR | Catnat surcharge raised to 20% (drought) / 12% (other) Jan 2025; PPRN risk-zone expansion ongoing; "Loi Baudu" 2025 strengthens insurer obligations on uninsurable zones [verify] |
| **IT** | No federal scheme historically; **Legge di Bilancio 2024 (L. 213/2023) art. 1 c. 101-111** mandates natural-catastrophe cover for businesses (originally 31 Dec 2024; DL 39/2025 staggered it: grandi 31 Mar 2025 / medie 30 Sep 2025 / micro-piccole 31 Dec 2025; micro/piccole turistico-ricettive + somministrazione 31 Mar 2026 (DL 200/2025); pesca/acquacoltura 31 Dec 2026 (DL 25/2026 conv. L. 59/2026) (2026 data, source MIMIT Cat Nat page)) | Optional for individuals; private market; flood (alluvione) extension | Optional individuals; mandatory businesses from 2025; high-risk seismic zones 1-2 (south, central Apennines) | ~0.20-0.40% [verify] | Yes — fire (incendio/scoppio) required by mortgage law | Business cat-cover phase-in 2025-2026 (fishing/aquaculture deadline 31 Dec 2026, per DL 25/2026); **individual mandate proposed but NOT yet enacted** as of Apr 2026 [verify]; sismabonus/ecobonus tax credits continue |
| **CZ** | No central scheme; private reinsurance via Munich Re/Swiss Re | Optional, broadly available; 2024 Storm Boris floods prompted ČAP industry review | Optional; low seismic risk | ~0.10-0.20% [verify] | Yes — pojištění nemovitosti standard with mortgage | ČNB monitoring post-Boris underinsurance; no major reform announced [verify] |
| **SK** | No central scheme | Optional | Optional; low risk | ~0.10-0.20% [verify] | Yes | None major announced [verify] |
| **DE** | No federal scheme; **Elementarschadenversicherung** optional but uptake ~54% as of 2024 (GDV); **Bundesrat motion June 2024** for mandatory Elementarschaden but stalled | Optional via Elementarschaden rider; insurers use ZÜRS Geo zoning (zones 1-4); zone 4 often denied or surcharged | Optional via Elementarschaden; low-moderate risk | ~0.10-0.30% (Wohngebäude); Elementar surcharge varies | Yes — Wohngebäude (fire) required by Pfandbriefgesetz | Mandatory Elementarschaden bill stalled in Bundestag as of early 2026 [verify]; GDV/Bundesländer continuing risk-zoning updates; BaFin guidance 2025 on climate-stress |
| **AT** | No central scheme; partial state aid via **Katastrophenfonds** — not insurance | Optional; flood often capped (€7-15k typical sublimit per VVO) | Optional; low-moderate risk in south | ~0.15-0.25% [verify] | Yes — Eigenheimversicherung standard | Katastrophenfondsgesetz amendments 2024 increased federal share; **no mandatory cat-insurance** despite 2024 floods debate [verify] |
| **CH** | **19 cantonal monopoly insurers (KGV / ECA / AGI)** — mandatory building insurance covering fire + natural perils in those cantons; remaining 7 ("GUSTAVO": GE, TI, VD, VS, OW, AI, UR partly) use private market via **Schweizerische Pool für Erdbebenversicherung** voluntary pool | Universal via cantonal scheme or private elementary perils; premium and cap regulated nationally | Earthquake **NOT covered** by standard scheme; voluntary Pool Suisse (~CHF 2bn capacity, 2024); referendum on mandatory EQ cover failed 2023 | Cantonal: ~0.04-0.08% (subsidised); private: ~0.10-0.20% | Yes for mortgages; cantonal scheme makes it automatic in 19 cantons | EQ pool capacity raised 2024 [verify]; cantonal premiums under review post-2024 floods |
| **ES** | **Consorcio de Compensación de Seguros (CCS)** — mandatory surcharge on every property policy funds extraordinary risks (flood, EQ, terrorism, atypical wind >135 km/h) (consorseguros.es) | Universal via CCS once event qualifies as "extraordinary"; ordinary flood via private | Universal via CCS for "extraordinary" EQ events | ~0.20-0.35% [verify]; CCS surcharge ~€0.09 per €1k for dwellings (2024) | Yes — seguro de hogar / incendios required by Ley Hipotecaria | Post-DANA Valencia 2024: CCS paid >€4bn claims; **CCS surcharge tariff under review for 2026** [verify] |
| **PT** | No central scheme; **seguro multirriscos habitação** mandatory only for condominium common parts (Lei 8/2022) | Optional individuals; state aid ad-hoc post-event | Optional; **mandatory EQ cover proposed 2023, not enacted** [verify]; high risk Algarve/Lisbon | ~0.15-0.30% [verify] | Yes — fire cover mandatory for mortgages and condos | ASF (regulator) consultation on mandatory seismic cover ongoing [verify] |
| **SE** | No central scheme; comprehensive private homeowner (villa-/hemförsäkring) standard | Universal in standard hem/villa policies | Optional; very low risk | ~0.10-0.20% [verify] | Yes — villaförsäkring required | Finansinspektionen climate-stress guidance 2025 [verify] |
| **FI** | No central scheme | Universal in kotivakuutus | Optional; very low risk | ~0.10-0.20% [verify] | Yes | None major announced |
| **NO** | **Norsk Naturskadepool (NNP)** — every fire-policy automatically funds the pool; covers landslide, storm, flood, avalanche, EQ (naturskade.no, lov om naturskadeforsikring) | Universal via NNP | Universal via NNP | ~0.10-0.25% [verify]; NNP premium ~0.07‰ of fire-sum (2024) | Yes — fire cover required by mortgage; auto-includes NNP | NNP capacity reviewed annually; no structural reform 2025-26 [verify] |
| **UK** | **Flood Re** — reinsurance pool for high-flood-risk homes built before 2009; funded by £180m levy on home insurers (floodre.co.uk); planned wind-down by 2039 | Optional but Flood Re ensures availability for eligible homes; "Build Back Better" up to £10k resilience grants | Optional; low risk | ~0.15-0.30% (ABI: avg £396 buildings 2024 [verify]) | Yes — buildings insurance required | Flood Re mid-term review 2024 published; **transition planning to free market 2039**; ABI/government Property Flood Resilience roundtable ongoing |
| **NL** | No central scheme; **Wet tegemoetkoming schade bij rampen (WTS)** = ad-hoc state aid | River flooding **largely uninsurable** historically (dyke-protection); pluvial/local flood usually included in opstal; 2021 Limburg floods reignited debate | Optional; low risk | ~0.10-0.20% [verify] | Yes — opstalverzekering required | Verbond van Verzekeraars voluntary primary-flood cover initiative 2024-25; **no mandatory scheme** [verify] |
| **BE** | **Caisse de Compensation/Tariferingsbureau (TB)** + obligatory natural-disaster cover bundled in fire policy since 2007 (loi 17 sept 2005) (assuralia.be) | Universal — natural perils mandatory in fire/multi-risk policies | Universal via mandatory bundle | ~0.20-0.35% [verify] | Yes — incendie/brandverzekering required | Post-July 2021 floods: regional caps raised; **Walloon flood-zone PPR-style mapping 2024**; insurer-of-last-resort role for TB strengthened [verify] |
| **DK** | **Stormrådet / Stormflodsordning** — state-administered storm-surge and freshwater-flood pool funded by mandatory DKK 60/yr levy on every fire policy (stormraadet.dk) | Universal via Stormrådet for storm surge / flood / unusual rain since 2010 | Optional; very low risk | ~0.10-0.20% [verify] | Yes — bygningsforsikring required | Stormflodsordning levy reviewed periodically; no structural reform 2025-26 [verify] |
| **IS** | **Náttúruhamfaratrygging Íslands (NTÍ)** — mandatory natural-disaster insurance bundled with fire policy; covers EQ, volcanic, landslide, avalanche, flood (nti.is) | Universal via NTÍ | Universal via NTÍ | NTÍ premium ~0.025% of insured value (2024) | Yes — fire cover mandatory by law (Lög um brunatryggingar) | Post-Reykjanes/Grindavík eruptions 2023-24: NTÍ paid extensive claims; **government bought out Grindavík homes 2024** via Þórkatla agency; NTÍ capacity review ongoing |
| **SI** | No central scheme | Optional; 2023 floods exposed underinsurance | Optional; moderate seismic | ~0.15-0.25% [verify] | Yes | Post-2023 floods: government solidarity contribution and reconstruction scheme; **no mandatory cat-insurance** [verify] |
| **IE** | No central scheme; insurers use OPW flood maps; **Insurance Ireland** memorandum on demarcation areas | Optional; high-risk areas often denied or surcharged; "demarcation" practice contentious | Optional; very low risk | ~0.20-0.35% [verify]; CSO 2024 avg ~€500/yr | Yes — buildings cover required | OPW / DECC flood-relief schemes ongoing; **Programme for Government 2024 commits to flood-insurance review** [verify] |
| **GR** | No central scheme | Optional | Optional; **mandatory EQ cover for properties >€500k or in high-risk zones proposed 2024** [verify, not enacted Apr 2026]; high seismic | ~0.20-0.40% [verify] | Yes — fire cover required for mortgaged property; many GR homes unmortgaged + uninsured (estimated ~15% penetration, EIOPA 2023) | **Law 5108/2024** updated insurance code; Bank of Greece consultation on mandatory cat-cover 2025 [verify] |
| **PL** | No central scheme; **mandatory farm-building insurance** under 2005 act | Optional residential; universal for insured farms | Optional; low risk | ~0.10-0.20% [verify] | Yes — fire cover required by mortgage | KNF guidance on climate-risk 2025 [verify] |
| **EE** | No central scheme | Optional | Optional; very low risk | ~0.10-0.20% [verify] | Yes | None major announced |
| **HR** | No central scheme; post-2020 Petrinja EQ state reconstruction fund | Optional | Optional; high seismic Zagreb/Petrinja | ~0.15-0.30% [verify] | Yes | Post-Petrinja reconstruction law amendments 2023-24; mandatory cat-cover debated [verify] |
| **HU** | No central scheme | Optional | Optional; low risk | ~0.10-0.20% [verify] | Yes — lakásbiztosítás required for mortgage | MNB "Otthon biztosítás" comparison portal 2024-25 |
| **LT** | No central scheme | Optional | Optional; very low risk | ~0.10-0.20% [verify] | Yes | None major |
| **LV** | No central scheme | Optional | Optional; very low risk | ~0.10-0.20% [verify] | Yes | None major |
| **RO** | **PAID (Pool de Asigurare Împotriva Dezastrelor Naturale)** — mandatory dwelling cat-policy (PAD) covering EQ, flood, landslide; flat premium €10 (type B masonry/wood) or €20 (type A reinforced concrete) for €10k/€20k cover (paidromania.ro, Law 260/2008) | Universal via PAID up to PAD limit; supplemental private | Universal via PAID; high seismic Vrancea | PAD: €10-20/yr fixed; voluntary multi-risk additional ~0.15-0.30% | PAD compulsory by law for ALL dwellings; mortgage requires additional voluntary cover | **Law 260/2008 amended 2023** to raise PAD limits and digitise distribution via insurers; ASF enforcement campaigns 2024-25; uptake still only ~20% despite legal mandate [verify] |
| **BG** | No central scheme | Optional | Optional; moderate seismic | ~0.10-0.20% [verify] | Yes | None major announced |
| **LU** | No central scheme | Optional; small market, broadly available | Optional; low risk | ~0.15-0.25% [verify] | Yes | None major |
| **CY** | No central scheme | Optional | Optional; **EQ recommended** by Insurance Association of Cyprus, high seismic | ~0.15-0.30% [verify] | Yes — fire required for mortgage | None major announced [verify] |
| **MT** | No central scheme | Optional | Optional; moderate seismic | ~0.15-0.25% [verify] | Yes | None major |
| **LI** | No central scheme; Swiss reinsurance pool **Schweizerischer Pool für Erdbebenversicherung** access via CH-LI cross-border insurer arrangements (LI is in CH currency union since 1923 — many policies underwritten by Swiss carriers) | Optional via private | Optional via Swiss EQ Pool; low-moderate seismic | ~0.10-0.20% [verify, small market] | Yes — fire/Gebäudeversicherung required by mortgage banks (LLB / VP Bank) | FMA (Finanzmarktaufsicht) supervises insurance under Versicherungsaufsichtsgesetz (LR 961.01); no major cat-reform 2025-26 announced [verify] |
| **MC** | No central scheme; **Loi n° 609** sets insurance contract framework; cross-border reinsurance via French/Italian carriers | Optional | Optional; very low seismic | ~0.15-0.30% [verify, opaque private-banking-mediated market] | Yes — fire required by mortgage banks (CFM Indosuez, CMB) | DSE (Direction des Services Economiques) supervision; no major reform 2025-26 [verify] |
| **AD** | No central scheme; **INAF (Institut Nacional Andorrà de Finances)** supervises insurance | Optional; low risk (Pyrenees flood occasional) | Optional; low-moderate seismic (Pyrenees) | ~0.15-0.30% [verify] | Yes — fire required by mortgage banks (Andbank, MoraBanc, Crèdit Andorrà) | INAF Llei 12/2017 d'ordenació i supervisió d'assegurances continues; no major reform 2025-26 [verify] |
| **MD** | No central scheme; **CNPF (Comisia Naţională a Pieţei Financiare)** regulator post-2007 reform | Optional; floods Prut/Dniester valleys recurrent | Optional; high seismic (**Vrancea seismic legacy** — 1940 / 1977 / 1986 / 1990 destructive quakes); recommended | ~0.15-0.30% [verify, low penetration <1% GDP] | Yes — fire required by Maib / Moldindconbank / Victoriabank for mortgages | CNPF climate-risk supervision evolving 2024-25 [verify]; insurance penetration very low; war-disruption-risk overlay from Ukraine border proximity |

## Western Balkans

| Country | Cat-risk scheme | Flood | Earthquake | Premium % | Mortgage-mandatory | 2025-26 reforms |
|---|---|---|---|---|---|---|
| **RS** | **Europa Re** regional facility participation (with BA, MK, AL); voluntary household micro-cat product distributed via local insurers | Optional via Europa Re or private | Optional; moderate seismic | ~0.15-0.30% [verify] | Yes — fire required | Europa Re product expansion 2024-25 [verify] |
| **ME** | Europa Re participation | Optional | Optional; high seismic coastal | ~0.15-0.30% [verify] | Yes | None major announced |
| **BA** | Europa Re participation | Optional | Optional; high seismic | ~0.15-0.30% [verify] | Yes | None major announced |
| **MK** | Europa Re participation | Optional | Optional; high seismic Skopje | ~0.15-0.30% [verify] | Yes | None major announced |
| **AL** | Europa Re participation; post-2019 Durrës EQ reconstruction | Optional | Optional; high seismic | ~0.20-0.35% [verify] | Yes | Post-2019 reconstruction law; mandatory cat-cover debated, not enacted [verify] |

## Anglo non-EU

| Country | Cat-risk scheme | Flood | Earthquake | Premium % | Mortgage-mandatory | 2025-26 reforms |
|---|---|---|---|---|---|---|
| **CA** | No federal scheme historically; **Federal Flood Insurance Program (FFIP)** announced Budget 2023, **operational target 2025-26** via Public Safety Canada / CMHC | Overland flood optional since 2015 (most insurers); historically unavailable; high-risk often denied → FFIP target | Optional; **EQ cover separate** in BC/Quebec; low uptake (~60% BC, ~5% QC, IBC 2024) | ~0.15-0.30% (IBC avg ~CAD 960 home 2023 [verify]) | Yes — homeowners insurance required | **FFIP launch slated 2025**; OSFI B-15 climate-risk guidance 2024; BC EQ retrofit incentives [verify] |
| **AU** | **Cyclone Reinsurance Pool (ARPC)** — operational since July 2022 for cyclone + cyclone-related flood, mandatory participation by insurers (large insurers fully phased in by Dec 2023, smaller by Dec 2024) (arpc.gov.au) | Flood standardised in home policies post-2012 reforms (Insurance Contracts Act); availability variable in Northern QLD/floodplains | Optional; moderate-low | ~0.5-2% in cyclone zones; ~0.2-0.4% elsewhere [verify] (ICA data) | Yes — building insurance required | Cyclone Pool full implementation 2024; **Treasury review of pool 2025**; ICA "Building a more resilient Australia" 2024 |
| **NZ** | **Toka Tū Ake EQC (Earthquake Commission)** — mandatory natural-hazard cover bundled with home fire policy, **cap raised to NZD 300k from 1 Oct 2022** (Natural Hazards Insurance Act 2023, in force 1 July 2024) (naturalhazards.govt.nz) | Universal via Toka Tū Ake for landslip/storm-related land damage; building flood via private insurer | Universal via Toka Tū Ake | EQC levy NZD 480/yr max (=20c/$100 to NZD 300k cap); private home ~0.20-0.40% [verify] | Yes — home insurance required | **Natural Hazards Insurance Act 2023 in force 1 July 2024** — replaces 1993 EQC Act; risk-based pricing increasingly used by private insurers post-Auckland 2023 floods |

## Latin America

| Country | Cat-risk scheme | Flood | Earthquake | Premium % | Mortgage-mandatory | 2025-26 reforms |
|---|---|---|---|---|---|---|
| **MX** | No central household scheme; **FONDEN** disaster fund abolished 2020, replaced by ad-hoc budget; cat-bonds via World Bank (Pacific Alliance) | Optional via seguro de daños / multi-amparo | Optional; **mandatory for mortgaged homes** (CONDUSEF guidance); high seismic | ~0.20-0.50% [verify] | Yes — seguro de daños required for INFONAVIT/bank mortgages | CNSF climate-risk circular 2024 [verify] |
| **BR** | No central household scheme; **SUSEP** regulator | Optional | Optional; very low risk | ~0.15-0.30% [verify] | Yes — seguro habitacional MIP/DFI required for SFH mortgages | SUSEP Resolution 407/2021 modernised compreensivo residencial; climate-risk circular 2024 [verify] |
| **AR** | No central household scheme; SSN regulator | Optional; high inflation distorts sums insured | Optional; moderate-high in west (Mendoza/San Juan) | Highly variable due to inflation [verify] | Yes when mortgages exist (rare in current market) | Macroeconomic dollarisation debate dominates; no specific cat-insurance reform [verify] |
| **CR** | **INS (Instituto Nacional de Seguros)** historic monopoly until 2008 demonopolisation; voluntary cat cover via INS Hogar Comprensivo | Optional | Optional but strongly recommended; high seismic | ~0.15-0.30% [verify] | Yes — póliza de incendio required for bank mortgages | SUGESE supervision; no major reform announced [verify] |
| **PA** | No central scheme | Optional | Optional; moderate seismic | ~0.15-0.30% [verify] | Yes — fire required for mortgage | Superintendencia de Seguros y Reaseguros climate guidance 2024 [verify] |
| **DO** | **ATR (Aseguradora Trans Reaseguradora)** state-affiliated reinsurer plus Superintendencia de Seguros oversight; no mandatory-bundled cat scheme | Optional; hurricane / huracán cover via huracán endorsement; high Atlantic-basin risk | Optional; moderate seismic (north coast / Septentrional fault) | ~0.25-0.50% in coastal/hurricane-exposed [verify] | Yes — póliza de incendio + huracán required by banks for mortgaged property | Post-Hurricane Fiona 2022 reinsurance market hardened; SIB climate-risk supervision evolving 2024-25 [verify] |
| **CO** | No central household pool; **FASECOLDA** industry body coordinates; **CCRP (Compañía Colombiana de Reaseguros)** historic role | Optional; pluvial cover varies by carrier | Optional; **terremoto cover standard endorsement**, recommended for Bogotá/Medellín high-rise (estratos 4-6); high seismic Andean | ~0.20-0.40% [verify] | Yes — seguro todo riesgo / hogar required by Davivienda/Bancolombia mortgage; copropiedad horizontal mandates building cover (Ley 675/2001) | SFC (Superintendencia Financiera) Circular Externa 2024 climate stress-testing [verify]; no mandatory cat-cover proposal active |
| **UY** | No central scheme; **Banco de Seguros del Estado (BSE)** state insurer historically dominant (~70% market share, demonopolised 1994) | Optional; low coastal-flood risk; granizo standard | Optional; very low seismic | ~0.15-0.30% [verify] | Yes — seguro de incendio required for BHU/bank mortgages | SSF (Superintendencia de Servicios Financieros) supervision via BCU; no major cat-reform announced [verify] |
| **CL** | No central pool; **CMF (Comisión para el Mercado Financiero)** regulator (replaced SVS 2018) | Optional; standard endorsement | **Sismo + incendio + asistencia bundle standard** — most mortgaged homes carry it; high seismic (subduction zone) | ~0.20-0.45% [verify] | Yes — incendio + sismo required by banks for mortgaged homes; departamentos co-owners must carry building-cover | Post-Valparaíso wildfires Feb 2024 (>130 deaths): CMF coordinated insurer-response review; pricing stress in central-zone wildfire-exposed properties [verify] |
| **PE** | No central scheme; **SBS (Superintendencia de Banca, Seguros y AFP)** regulator; Rímac + Pacífico + La Positiva + MAPFRE Perú dominant | Optional; **El Niño-recurrent flooding 2017 + 2023 (Yaku) + 2024**; coastal lowlands + Andean valleys exposed | **Sismo endorsement strongly recommended** — high seismic (subduction zone, Lima 1746 / 1940 / 1966 / 1974 / 1996 history); pricing reflects Lima/Callao zone | ~0.20-0.45% [verify] | Yes — multirriesgo / incendio required by BCP/BBVA/Interbank/Scotiabank Perú for mortgages | Post-2017 El Niño Costero + 2023 Yaku reinsurance hardening; SBS climate-risk supervision evolving 2024-25 [verify]; **Border Zone 50km BANNED to non-citizens** — underwriting in border zones requires nationality verification |
| **EC** | No central scheme; **Superintendencia de Compañías, Valores y Seguros** regulator (post-2018 reform); Sucre Seguros + Equinoccial + AIG Ecuador + Latina Seguros dominant | Optional; coastal flood (Manabí, Esmeraldas) recurrent | **Sismo endorsement strongly recommended** — high seismic (Nazca subduction); **Apr 2016 Pedernales M7.8 (~670 deaths, USD 3bn losses)** + Andean volcanic risk (Cotopaxi) | ~0.25-0.50% [verify] | Yes — incendio + sismo required by Banco Pichincha / Produbanco / Banco Guayaquil / BIESS for mortgages | Post-2016 Pedernales reconstruction insurance gap highlighted underinsurance; **2024 Internal Armed Conflict Declaration** raised security/looting cover concerns; **USD officially adopted Sep 2000** — sums-insured stable in USD |
| **PY** | No central scheme; **Superintendencia de Seguros del Paraguay (SIS)** regulator under BCP; Mapfre Paraguay + La Consolidada + Aseguradora Tajy + Yacyretá dominant | Optional; **2024 Río Paraguay historic low** + flash floods Asunción / Encarnación; flood endorsement common | Optional; very low seismic (intra-plate) | ~0.15-0.35% [verify, low penetration ~1.5% GDP] | Yes — incendio required by BNF/Itaú PY/Banco Continental/Banco Atlas/Banco Familiar for mortgages | SIS climate-risk supervision evolving [verify]; insurance penetration low; **territorial-source PIT** means foreign passive income from PY property generally NOT taxed; **Border Zone Ley 2.532/2005 RURAL only** — underwriting in border rural zones requires nationality verification |

## North America (added 2026-05)

| Country | Cat-risk scheme | Flood | Earthquake | Premium % | Mortgage-mandatory | 2025-26 reforms |
|---|---|---|---|---|---|---|
| **US** | **NFIP (National Flood Insurance Program)** — federal flood scheme (FEMA-administered, **Risk Rating 2.0 fully phased in since Apr 2023**); **CEA (California Earthquake Authority)** state-funded EQ pool; **Citizens Property Insurance** (FL) and **California FAIR Plan** insurer-of-last-resort; **TWIA** (Texas wind pool) | NFIP optional except mortgage-required in SFHA (Special Flood Hazard Area / 100-yr zone); private flood market growing post-2014 Biggert-Waters | EQ optional; CEA in CA covers ~75% of CA EQ policies; uptake low (~10% CA homeowners) | Highly variable: ~0.3-0.5% nationally; FL 2-4%, CA 0.5-1.5% [verify, NAIC 2023] | Yes — homeowners (HO-3) standard; flood mandatory in SFHA federally-backed loans | **State Farm CA non-renewal expansion 2024**; **Farmers, Allstate exits in FL/CA continuing**; CA Dept of Insurance "Sustainable Insurance Strategy" Dec 2023 (catastrophe modelling permitted in pricing); FL legislative reform 2022-23 (litigation curbs); NFIP authorisation runs to 11 Dec 2026 (Public Law 119-103, 2 Sep 2026) — reauthorisation pending Congress |

## Asia-Pacific (added 2026-05)

| Country | Cat-risk scheme | Flood | Earthquake | Premium % | Mortgage-mandatory | 2025-26 reforms |
|---|---|---|---|---|---|---|
| **JP** | **地震保険 (Jishin Hoken)** — state-co-reinsured EQ scheme via **Japan Earthquake Reinsurance Co. (JER)**; total liability cap statutory (¥12 trillion as of 2024 per MOF); typical building cover ~30-50% of fire-policy sum (capped ¥50m building / ¥10m contents) | Flood (水災 suisai) typically excluded by default; optional rider; insurers increasingly raising suisai premiums or sub-zoning post-2019 Hagibis / 2020 Kyushu | EQ optional but sold as rider to fire (kasai hoken); high uptake ~70% of fire policies (GIROJ 2023) | Fire ~0.10-0.30%; EQ rider varies by zone (Tokai, Kanto highest) | Yes — fire required for mortgages; banks may require EQ for high-risk zones | **Suisai (flood) zoning 2022-** carriers moved from flat-rate to 5-zone risk pricing; JER reinsurance review post-Noto Peninsula EQ Jan 2024; FSA climate-risk supervision evolving |
| **TH** | No central household scheme; **OIC (Office of Insurance Commission)** regulator; post-2011 floods → **National Catastrophe Insurance Fund (NCIF)** created 2012 but limited uptake; private market dominant | Optional; flood widely available post-2011 reform but premiums elevated in Chao Phraya basin / Bangkok lowlands | Optional; low-moderate seismic (north / Mae Hong Son); typhoon (less common) optional | ~0.15-0.40% [verify] | Yes — fire (อัคคีภัย) required by Thai banks for mortgaged home; SCB/KBank/Krungsri standard | OIC climate-risk roadmap 2024-25 [verify]; tropical-storm market remains thin |
| **ID** | No central scheme; **OJK (Otoritas Jasa Keuangan)** regulator; **AAUI (Asosiasi Asuransi Umum Indonesia)** industry body | Optional; banjir (flood) endorsement common in Jakarta/Surabaya/Semarang | **Gempa bumi (earthquake) endorsement required** in high-risk zones — Sumatra/Java/Sulawesi; high seismic (Ring of Fire) | ~0.15-0.35% [verify] | Yes — fire required by banks; gempa endorsement strongly advised | OJK climate-risk circular 2024 [verify]; post-Cianjur 2022 EQ + Sulawesi quakes → underinsurance highlighted |
| **MY** | No central scheme; **Bank Negara Malaysia (BNM)** regulator; **PIAM (Persatuan Insurans Am Malaysia)** industry body | **Flood common** — annual NE monsoon Dec-Feb (Kelantan, Pahang, Terengganu, Johor); flood NOT standard in fire policy (additional perils endorsement required) | Optional; very low seismic (Sabah only) | ~0.15-0.30% [verify] | Yes — Houseowner / Householder (HO/HH) required by banks; mortgagee clause | Post-Dec 2021 KL floods (RM6.1bn losses): BNM/PIAM voluntary flood-cover initiatives; **MyFlood** national flood-mapping in development; no mandatory scheme [verify] |
| **VN** | No central scheme; **MOF Insurance Supervisory Authority (ISA)** regulator; **Bao Viet, PVI, BIDV Insurance, PJICO** dominant | **Typhoon + flood standard endorsements** in commercial; residential market thin; high typhoon exposure (north + central coast) | Optional; low-moderate seismic (NW VN) | ~0.15-0.40% [verify] | Yes — fire (cháy nổ bắt buộc) compulsory for apartments and certain buildings under Decree 23/2018/ND-CP and Decree 67/2023/ND-CP (revised); banks require for mortgages | Decree 67/2023/ND-CP revised compulsory fire/explosion regime (effective Aug 2023); post-Typhoon Yagi Sep 2024 reinsurance hardening [verify] |
| **PH** | No central household scheme; **Insurance Commission** regulator; **PHILCAT (cat-pool initiative)** in proposal stage; **PIRA (Philippine Insurers and Reinsurers Association)** | **Typhoon (bagyo) standard** in fire-extended policy; flood common endorsement; very high typhoon exposure (~20/yr in path) | Optional; high seismic (Marikina Valley fault, West Valley fault); PHIVOLCS hazard maps | ~0.20-0.50% in typhoon belt [verify] | Yes — fire + typhoon required by banks (BPI, BDO, Metrobank) for mortgages; Pag-IBIG MRI separate | Post-Yolanda 2013 reform legacy continues; **typhoon series 2024 (Carina, Kristine, Pepito)** hardened reinsurance 2025; PHILCAT pool consultation ongoing [verify, not enacted Apr 2026] |
| **SG** | No central household pool; **MAS (Monetary Authority of Singapore)** regulator; **GIA (General Insurance Association of Singapore)** industry body; deep reinsurance market (Singapore = Asian reinsurance hub) | Optional; low coastal-flood risk; **Apr 2024 Orchard Road / 2021 Tampines flash floods** localised | Optional; very low seismic (far from Sunda Trench but distant Sumatra mega-thrust effect possible) | ~0.10-0.25% [verify] | Yes — fire required by HDB / banks (DBS, OCBC, UOB) for mortgages; Mortgage Reducing Term Assurance (MRTA) typically separate | MAS climate-risk supervision under Environmental Risk Management guidelines (Dec 2020, revised); no mandatory cat-cover proposal active [verify] |
| **HK** | No central household pool; **HKIA (Insurance Authority)** regulator post-2017; **HKFI (HK Federation of Insurers)** industry body | Optional; **typhoon (颱風) standard** in fire-extended policy; very high typhoon exposure (~6-10 typhoons/yr in path; T8 / T10 signals) | Optional; very low seismic | ~0.15-0.30% [verify] | Yes — fire required by banks (HSBC, Hang Seng, BOCHK, Standard Chartered HK) for mortgages | HKIA climate-resilience guidance 2024-25 [verify]; **post-Typhoon Saola Sep 2023 + Typhoon Koinu Oct 2023** reinsurance hardening; storm-surge (颶風潮) cover typically endorsed for low-lying coastal (Tai Po, Sai Kung) |
| **KR** | No central household scheme; **FSC (Financial Services Commission)** regulator; **KIDI (Korea Insurance Development Institute)** rate body; **KGIA (Korea General Insurance Association)** | Optional; **monsoon (장마) flood standard** in fire-extended policy; recurrent SE-coast typhoons (Aug-Sep) | Optional; **moderate seismic — Pohang 2017 M5.4** + Gyeongju 2016 M5.8 prompted regulatory response; gempa endorsement available but uptake low | ~0.15-0.30% [verify] | Yes — fire required by banks (KB, Shinhan, Hana, Woori) for mortgages | **Post-Pohang 2017 EQ**: government-funded compensation program supplemented insurance; **2022 Itaewon disaster + 2024 Jeju Air crash** drove broader risk-management reforms but not specific cat-cover mandate; FSC climate-stress-test pilot 2024-25 [verify] |
| **TW** | **Taiwan Earthquake Insurance Fund (TREIF / 財團法人住宅地震保險基金)** — **mandatory residential EQ insurance** since 2002 (Insurance Act §138-1); **TREIF reinsures** 90% of bundled basic-EQ cover (TWD 1.5M cap building + 200k contents) | Optional; recurrent typhoons (Aug-Sep); flood/landslide common endorsement | **TREIF mandatory** for residential under fire-policy bundle (TWD 1.5M residential cap building); supplemental private cover for excess; **2024 Hualien M7.4** stressed system | TREIF premium ~TWD 1,350-1,700/yr; private fire ~0.15-0.30% [verify] | Yes — fire + TREIF (auto-bundled) required by banks for mortgages | **2024 Hualien M7.4 EQ (3 Apr)**: TREIF paid extensively; FSC reviewed cap adequacy (raised periodically with construction-cost inflation); TBDY 2018 building code retrofitting incentives |
| **MO** | No central scheme; **AMCM (Autoridade Monetária de Macau)** + **AMCM Insurance Supervision** regulator; **Insurance Companies Association of Macao** | Optional; **typhoon standard** in fire-extended (very high exposure — Typhoon Hato 2017 destructive); coastal storm surge | Optional; very low seismic | ~0.15-0.35% [verify] | Yes — fire required by banks (ICBC Macau, BNU, BCM) for mortgages | Post-**Typhoon Hato Aug 2017 (10 deaths, MOP 12bn losses)** + Typhoon Mangkhut 2018: AMCM reviewed reinsurance adequacy + Macao SAR Government infrastructure resilience programs; no mandatory cat-cover scheme [verify] |
| **IN** | No federal catastrophe pool; **IRDAI (Insurance Regulatory and Development Authority of India)** regulator under IRDA Act 1999; **GIC Re (General Insurance Corporation of India)** state reinsurer dominant; **PMFBY (Pradhan Mantri Fasal Bima Yojana)** is agricultural-only; LIC General + New India Assurance + United India + Oriental + ICICI Lombard + HDFC ERGO + Bajaj Allianz + Tata AIG + Reliance General dominant | Optional; **monsoon (June-Sep) flood standard endorsement**; recurrent Mumbai (2005), Chennai (2015), Kerala (2018), Hyderabad (2020), Bengaluru (2022), Sikkim flash flood (Oct 2023) — flood underwriting tightened | Optional; **HIGH seismic Himalayan belt + Bhuj 2001 M7.7 (~20k deaths)** legacy + Northeast (Manipur 2016 M6.7); **IS 1893-2016 Seismic Zone IV/V** mandatory building-code zones; gempa endorsement strongly recommended | ~0.10-0.30% [verify, low penetration ~1% non-life GDP] | Yes — fire (sometimes called "standard fire and special perils policy" SFSP) required by SBI / HDFC Bank / ICICI Bank / Axis Bank / Kotak / Bank of Baroda + HFCs (LIC Housing Finance, PNB Housing, Tata Capital, Bajaj Housing Finance) for mortgages | **IRDAI "Bima Vistaar" + "Bima Vahak" 2024-25** financial-inclusion initiatives; insurance-linked composite licence reform under discussion; **post-2023 Sikkim glacial lake outburst flood (GLOF)** highlighted Himalayan-region underinsurance; IRDAI 2024 climate-risk consultation paper [verify final regulations]; **NRIs/OCIs OPEN under FEMA** but homeowner-policy market segmented by state-specific cadastre patterns (28 states + 8 UTs — UNIQUE) |

## Middle East & North Africa (added 2026-05)

| Country | Cat-risk scheme | Flood | Earthquake | Premium % | Mortgage-mandatory | 2025-26 reforms |
|---|---|---|---|---|---|---|
| **TR** | **DASK (Doğal Afet Sigortaları Kurumu / Turkish Catastrophe Insurance Pool)** — **mandatory earthquake insurance** for all dwellings under Law 6305 (since 2000, made universal post-1999 İzmit); **TARSİM** agricultural pool separate | Optional; private market | **DASK MANDATORY** for all residential dwellings on title deed (TAPU); cap re-indexed monthly by TÜİK ÜFE (2,488,318 TL from 01.09.2026, rising to 2,552,268 TL from 01.10.2026 — 2026 data, source dask.gov.tr) — supplemental private cover for excess | DASK premium varies by zone + size (~₺100-2,000/yr typical 2024); konut paket sigortası ~0.15-0.40% | Yes — DASK proof required for utility connections + TAPU transfer; konut sigortası required by mortgage banks | **Post-Kahramanmaraş 6 Feb 2023 EQ (>50k deaths, USD ~100bn losses)**: DASK premium reform 2023-24, coverage cap raised; SEDDK (regulator) tightened solvency; Turkish lira inflation distorts sums-insured; significant under-insurance gap remains (DASK paid only ~₺27bn vs total losses) |
| **AE** | **No national catastrophe pool**; private market only; **Central Bank of UAE Insurance Authority** (post-2021 merger) regulator | Optional; **Apr 2024 Dubai/Sharjah floods** (record 250mm/24h) exposed urban-drainage gap → **"Tasreef" stormwater drainage masterplan to 2033** (Dubai Municipality, AED 30bn) — NOT insurance; market premium uplift 15-30% on flood-exposed villas 2024-25 [verify] | Optional; low seismic | ~0.10-0.35% [verify, opaque market] | Yes — building/contents required by ADCB, Emirates NBD, Mashreq for mortgaged properties | **Post-Apr 2024 floods**: insurer claims ~AED 4-5bn [trade-press, verify]; flood underwriting tightened; Tasreef infrastructure programme announced June 2024; **freehold off-plan developer-tied policies** common in DAMAC/Emaar — verify scope |
| **IL** | **קרן הפיצויים / Property Tax & Compensation Fund (Israel Tax Authority — mandatory levy via מס רכוש Property Tax repealed 2000, but Compensation Fund continues)** — **state-funded compensation for war and hostile-action damage** (covers most missile/rocket/drone damage, statutory caps); operates under Property Tax & Compensation Fund Law 1961 | Optional via private homeowner (ביטוח מבנה); flood relatively low risk | **Mandatory EQ cover** for mortgaged homes (Bank of Israel directive); high seismic (Dead Sea Transform fault) | ~0.20-0.40% [verify, post-war market disrupted] | Yes — ביטוח מבנה (building) required by banks; ביטוח רעידת אדמה (EQ) required for mortgaged | **Oct 2023 Hamas attack (fragile US-brokered Oct 2025 Gaza ceasefire — "Yellow Line") + Nov 2024 Hezbollah ceasefire + two Israel-Iran wars (Jun 2025 "12-Day War"; 2026 Iran war, ceasefire 7 Apr 2026)**: Iranian ballistic-missile strikes drove the bulk of war-damage claims (~1M cumulative war-damage claims across all fronts by Apr 2026 — Bloomberg 2026-04-17); Compensation Fund processing massive war-damage claims (>₪10bn estimated); private insurers excluding war risk; **major market disruption + reinsurance retraction** — verify current war-exclusion scope before any underwriting decision |
| **MA** | **Régime de couverture des conséquences d'événements catastrophiques** — **mandatory cat-cover bundled in fire policy** under **Law 110-14 (effective Jan 2020)**; state-backed **FSEC (Fonds de Solidarité contre les Événements Catastrophiques)** for uninsured-victims indemnity | Universal via Loi 110-14 bundle; state FSEC for uninsured | **Universal via Loi 110-14** — covers EQ, flood, terrorism; high seismic (Rif, Atlas) | ~0.15-0.30% [verify] + Law 110-14 surcharge | Yes — fire required by Attijari/BMCE/CIH for mortgages; bundle is automatic | **Post-Al Haouz EQ 8 Sep 2023 (~3k deaths, Marrakech-Atlas)**: Law 110-14 first major test — FSEC + bundled cover paid claims; ACAPS (regulator) coverage-gap review 2024; reconstruction programme ongoing [verify uptake stats] |
| **EG** | No central pool; **FRA (Financial Regulatory Authority)** regulator (post-2009 EFSA reform); **IFE (Insurance Federation of Egypt)** industry body; **state-owned Misr Insurance + Suez Canal Insurance** dominant | Optional; flood thin in residential; recent flash floods Cairo/Alex 2020-23 | Optional; moderate seismic (Greater Cairo, Aswan); recommended | ~0.15-0.40% [verify, opaque market, EGP inflation distorts] | Yes — fire required by NBE/CIB/QNB for mortgages; **New Capital developer-tied policies** common (Mountain View, Palm Hills, Hassan Allam) — verify scope and beneficiary | FRA Decree 2024 climate-risk supervision [verify]; EGP devaluation Mar 2024 (~50%) distorted sums-insured; reinsurance pricing stress; insurance penetration <1% GDP (low) |
| **GE** | No central scheme; **NBG (National Bank of Georgia) Insurance Supervision Service** regulator; small private market | Optional; thin coverage | Optional; moderate-high seismic (Caucasus); typically endorsement | ~0.15-0.40% [verify, low penetration] | Yes — fire required by TBC/Bank of Georgia for mortgages | Insurance penetration ~1% GDP (very low); no major cat-reform announced [verify]; Russian-speaker buyer migration 2022- distorted demand patterns |
| **QA** | No central catastrophe pool; **QCB (Qatar Central Bank) Insurance Supervision** regulator (post-2012 Insurance Law); QFC alternative regulatory regime for cross-border carriers; Qatar Insurance Company (QIC) dominant | Optional; **Doha 2018 + 2022 flash flooding** localised; FIFA 2022 infrastructure largely waterproofed | Optional; very low seismic (intra-plate Arabian) | ~0.10-0.30% [verify, opaque market] | Yes — fire required by QIB/QNB/Doha Bank/CBQ/ABQ for mortgages | QCB climate-risk supervision evolving 2024-25 [verify]; FIFA 2022 legacy insurance frameworks influenced commercial cover; **Tourism STR ≥30 days only** — short-term-rental cover not standard |
| **SA** | No national catastrophe pool; **SAMA (Saudi Central Bank) Insurance Authority** regulator (post-2023 split from SAMA banking arm — Insurance Authority is now standalone); state-owned Tawuniya + Bupa Arabia + Walaa dominant | Optional; **Jeddah Nov 2009 + 2022 floods** highlighted urban drainage; flood underwriting tightened | Optional; low-moderate seismic (western escarpment / Red Sea); high-rise developer-tied policies common in NEOM/Diriyah/Roshn | ~0.15-0.40% [verify, opaque market] | Yes — fire required by Al Rajhi/SNB/Riyad Bank/Banque Saudi Fransi for mortgages | **Insurance Authority climate-risk roadmap 2024-25** [verify]; Vision 2030 mega-projects (NEOM, Qiddiya, Diriyah, Red Sea, AlUla, Roshn) drive new commercial cat cover; **Mecca/Medina BANNED to non-Muslims** — non-Muslim buyer underwriting in those cities not applicable; Sharia-compliant Takaful is dominant residential product (Tawuniya / Walaa Cooperative Insurance) |
| **TN** | No central catastrophe pool; **CGA (Comité Général des Assurances)** regulator under Code des Assurances; state-affiliated STAR + COMAR + Tunis Re dominant; ATCT industry body | Optional; **2018 Cap Bon flash floods (~6 deaths) + 2023 Médenine** highlighted sub-coastal exposure | Optional; moderate seismic (eastern Atlas thrust); typically endorsement | ~0.15-0.35% [verify, low penetration] | Yes — fire required by STB/BNA/Attijari/BIAT for mortgages | **IMF EFF SUSPENDED Mar 2024** macro stress; insurance penetration ~2% GDP; **FX-loans (EUR/USD) restricted post-2018 BCT Circular 2018-04** affects sums-insured for foreign-funded purchases; Tunis Re state reinsurance retrocedes most catastrophe risk to international reinsurers |
| **AM** | No central scheme; **CBA (Central Bank of Armenia) Financial Supervision** regulator post-2006 unification; Rosgosstrakh-Armenia + Ingo-Armenia + INGO ARMENIA + ROSGOSSTRAKH-ARMENIA + SIL Insurance dominant; small private market | Optional; thin coverage; flash floods Lori/Tavush recurrent | Optional; **HIGH seismic** — Spitak 1988 M6.8 (~25k-50k deaths) is living memory; recommended endorsement | ~0.15-0.40% [verify, low penetration ~1% GDP] | Yes — fire required by Ameriabank/ACBA/Inecobank/Converse Bank for mortgages | **Spitak 1988 seismic legacy** still drives building-code reform debate; CBA climate-risk supervision evolving; **HO-332-N Real Estate Tax phased 2021-26** (2026 first FULL effect) interacts with sums-insured assessments; agri/forest land BANNED to foreigners (Land Code Art. 4) |
| **AZ** | No central scheme; **Central Bank of Azerbaijan Financial Markets Supervision** regulator (post-2019 FIMSA dissolution / re-merge into CBA); Pasha Insurance + AzSığorta + AtaSığorta + Ateşgah dominant | Optional; Caspian coastal storm + **2010 Kura/Aras spring flooding** | Optional; moderate-high seismic (South Caspian basin); historically less catastrophic than AM but **Baku 2000 M6.8** + ongoing Caucasus tectonics | ~0.15-0.40% [verify, low penetration ~0.7% GDP] | Yes — fire required by IBA/Kapital/PASHA/Unibank/ABB for mortgages | Insurance penetration low; AZN de-facto pegged USD 1.70 since 2017 stabilises sums-insured; **Property Tax m²-BASED Tax Code Art. 198** decouples from market value (AZN 0.4/m² 30-120m² Baku); agri land BANNED to foreigners (Land Code Art. 47); SOFAZ FX-buffer underpins macro |
| **JO** | No central catastrophe pool; **Jordan Insurance Federation (JIF)** + **Insurance Administration at MoITS (Ministry of Industry, Trade and Supply)** regulator post-2021 institutional reform (was IIC — Insurance Commission — dissolved 2014, then revived under MoITS); Jordan Insurance, Arab Orient, Mediterranean and Gulf, Middle East Insurance dominant | Optional; **2018 Petra flash floods (~21 deaths) + 2023 Aqaba** highlighted wadi-flood + winter-rainfall exposure; flood endorsement available | Optional; **HIGH seismic — Dead Sea Transform fault** (Aqaba 1995 M7.3 + 2004 Dead Sea M5.1 + ongoing tectonic stress); recommended endorsement | ~0.15-0.40% [verify, low penetration ~2% GDP] | Yes — fire required by HBTF (Housing Bank for Trade and Finance — largest), Arab Bank, Jordan Kuwait Bank, Cairo Amman Bank, Jordan Ahli Bank for mortgages | Insurance penetration ~2% GDP (low); **JOD pegged USD 0.7080 since 1995** stabilises sums-insured; **Property Sales Tax 9% unified 2019** affects transaction-time insurance budgeting; Syrian-refugee population overlay distorts urban building-stock risk; reinsurance retrocession via Jordan Re (state-affiliated) |
| **OM** | No central scheme; **Financial Services Authority (FSA), Sultanate of Oman** — Insurance Sector Supervision regulator (post-2014 Insurance Companies Law; the Capital Market Authority name is historical); Dhofar Insurance, Oman United, Muscat Insurance, Al Madina Insurance dominant | Optional; **2007 Cyclone Gonu (USD 4bn losses, ~50 deaths) + 2018 Cyclone Mekunu + 2021 Shaheen** Indian Ocean cyclone exposure (Salalah / Muscat coast — UNUSUALLY HIGH for GCC); cyclone endorsement common | Optional; low-moderate seismic (Makran subduction zone offshore); typically endorsement | ~0.15-0.40% [verify, opaque market] | Yes — fire required by Bank Muscat / Bank Dhofar / NBO / Sohar International / Ahli Oman for mortgages | Post-Gonu/Mekunu/Shaheen reinsurance hardened cyclone underwriting; OIA (Oman Investment Authority) sovereign-wealth provides macro stability; OMR pegged USD 0.385 since 1986 stabilises sums-insured; ITC zones (Royal Decree 12/2006) drive concentrated cat-exposure (Al Mouj / The Wave / Jebel Sifah developer-tied policies) |
| **BH** | No central scheme; **CBB (Central Bank of Bahrain) Insurance Supervision Directorate** regulator (post-2002 unification); Bahrain Kuwait Insurance, Bahrain National Holding, Solidarity Bahrain, Takaful International dominant; **Bahrain regional insurance hub** (CBB licenses ~140+ carriers serving GCC) | Optional; **King Fahd Causeway flooding 2018** + 2024 storm; flood endorsement common | Optional; very low seismic (intra-plate Arabian) | ~0.10-0.30% [verify] | Yes — fire required by Ahli United Bank / BBK (Bank of Bahrain and Kuwait) / NBB (National Bank of Bahrain) / BisB (Bahrain Islamic Bank) / Al Salam Bank / KFH Bahrain for mortgages | **CBB regional banking-supervision benchmark**; Bahrain regional reinsurance hub (Trust Re, Hannover ReTakaful Bahrain, ARIG); Sharia-compliant Takaful particularly developed (Solidarity, Takaful International, Al Salam Takaful); BHD pegged USD 0.376 since 2001 stabilises sums-insured; **Golden Residency 10-yr via property ≥BHD 200k** drives new mortgage-tied policy uptake |
| **KW** | No central scheme; **CMA (Capital Markets Authority) Insurance Regulatory Unit** regulator post-2019 Insurance Regulation Law; Gulf Insurance Group (Kuwait), Warba Insurance, Al Ahleia Insurance, Kuwait Insurance Company dominant | Optional; **2018 Kuwait floods (worst in 25 years) + 2024 storm**; flood endorsement common | Optional; very low seismic (intra-plate Arabian) | ~0.10-0.30% [verify, mortgage-tied policies primarily for Kuwaitis since non-GCC foreigners cannot own real estate] | Yes for Kuwaitis — fire required by NBK (National Bank of Kuwait) / KFH (Kuwait Finance House) / Burgan Bank / Gulf Bank / KIB / ABK for mortgages; **non-GCC foreigners cannot own real estate** (Decree-Law 74/1979) — residential homeowner-policy market is Kuwaitis-only | **NON-GCC FOREIGNERS CANNOT OWN REAL ESTATE** (Decree-Law 74/1979 + amendments) — foreign-buyer underwriting question moot for residential; KIA (Kuwait Investment Authority) sovereign-wealth fund ~USD 800bn AUM provides macro buffer; Sharia-compliant Takaful dominant retail product; CMA climate-risk supervision evolving [verify] |
| **LB** | No central scheme; **Insurance Control Commission (ICC) under MoE (Ministry of Economy and Trade)** regulator (post-1968 Insurance Code); pre-2019 dominant carriers Bankers Assurance, Libano-Suisse, Arabia Insurance, Continental Trust, Sogécap Liban, AXA Middle East, MetLife — **post-2019 banking crisis** stressed the entire sector | Optional; flood thin in residential; recurrent winter Mt Lebanon flooding | Optional; **HIGH seismic — Yammouneh fault (Dead Sea Transform Lebanese segment)** + 1956 Chim earthquake legacy; recommended endorsement | ~0.20-0.50% [verify, post-2019 banking crisis distorted entire market — sums-insured + premium-% require fresh verification per transaction] | Yes — fire required by pre-2019 banks (Bank Audi, BLC Bank, Byblos Bank, Bank of Beirut, Fransabank, BLOM Bank, BBAC) for mortgages — but **mortgage market FROZEN since Oct 2019** so practical mortgage-tied homeowner-policy market is essentially zero for new transactions; existing pre-2019 policies continue with renewal disputes common | **POST-2019 BANKING CRISIS** stressed entire insurance sector; **LBP HISTORICAL HYPERINFLATION** (1,507 → 100,000+ peak black-market 2022 → unified 2023-24 around 89,500-90,000) destroyed LBP-denominated sums-insured; insurers paying claims at fresh-USD vs Lollar at official rate is a recurring dispute; **2020 Beirut Port explosion (200+ deaths, USD 15bn losses)** highlighted insurance-gap — many uninsured; ICC mandated war-exclusion-clause review post-2024 Israel-Hezbollah escalation; reinsurance retrocession problematic in current macro |

## Africa (added 2026-05)

| Country | Cat-risk scheme | Flood | Earthquake | Premium % | Mortgage-mandatory | 2025-26 reforms |
|---|---|---|---|---|---|---|
| **ZA** | **SASRIA (South African Special Risks Insurance Association)** — **state-owned mandatory rider** for riot, strike, political-risk, war-risk (separate from standard fire/multiperil); attached to most short-term policies; **FSCA + Prudential Authority** regulators | Optional via private homeowner; **KZN April 2022 floods** (R17bn losses) + **2024 Western Cape storms** stressed market; Eastern Cape / Gauteng risk-zoning evolving | Optional; low-moderate seismic (Cape, mining-induced Gauteng) | ~0.20-0.45% [verify] + SASRIA rider | Yes — fire/HOC required by Standard Bank, FNB, ABSA, Nedbank for bonded property | **SASRIA July 2021 unrest claims (R32bn)** required Treasury R22bn capital injection; **load-shedding (Eskom) equipment-cover endorsements 2023-24 standard**; FSCA climate-risk paper 2024; **2024 Western Cape "weather bomb" + KZN repeat floods** further hardening reinsurance |
| **NG** | No central scheme; **NAICOM (National Insurance Commission)** regulator under the **Nigerian Insurance Industry Reform Act 2025** (Act No. 14 of 2025, commencement 31 Jul 2025 — repealed the Insurance Act 2003 / Cap. I17 LFN 2004); the **Nigerian Insurers Association (NIA)** trade body has no live domain; **state-owned NICON Insurance** dominant historically; current AIICO Insurance, Leadway Assurance, AXA Mansard, NEM Insurance, Sovereign Trust dominant | Optional; **Nigeria 2022 floods (worst in decade, ~600+ deaths, USD 9bn losses) + 2024 Maiduguri Alau dam collapse**; flood endorsement common but underwriting tightened post-2022 | Optional; very low seismic (intra-plate African) — no major fault lines | ~0.20-0.50% [verify, low penetration ~0.5% GDP, NGN devaluation distorts]; informal **USD-denominated policies** common in prime Lagos / FCT | Yes — fire required by Access Bank, Zenith Bank, GTBank (Guaranty Trust), UBA (United Bank for Africa), FBN (First Bank of Nigeria) for mortgages; **PMBs (FBN Mortgages, Imperial Homes, Aso Savings)** for mortgage banking | **Land Use Act 1978 — only LEASEHOLD via C of O**; **NGN unified+floated June 2023** → ~70% devaluation distorted sums-insured (verify daily); **State Consent Fee 8-15% Lagos / 8% FCT** is MAJOR closing cost; insurance penetration very low (~0.5% GDP); foreign USD-denominated policies common in prime areas (Ikoyi / Victoria Island / Banana Island / Lekki Phase 1 / Asokoro / Maitama); NAICOM RBS (Risk-Based Supervision) reform ongoing 2024-25 [verify]; reinsurance retrocession via Continental Re + African Re |
| **KE** | No central scheme; **IRA (Insurance Regulatory Authority)** regulator post-2008 institutional reform; **AKI (Association of Kenya Insurers)** industry body; **Kenya Re** state reinsurer; ICEA Lion General, Jubilee Allianz General, CIC General, Britam General, GA Insurance, APA Insurance, Heritage Insurance dominant | Optional; **2018 + 2024 long-rains floods (Nairobi / Tana basin / coastal)** — 2024 floods ~315 deaths displaced 250k; flood endorsement common but underwriting tightened post-2024 | Optional; low-moderate seismic (East African Rift system); typically endorsement | ~0.20-0.45% [verify, low penetration ~2.5% GDP]; informal **USD-denominated policies** common in prime Nairobi | Yes — fire required by KCB (Kenya Commercial Bank), Equity Bank, NCBA, Cooperative Bank, StanChart Kenya, Stanbic Kenya, Absa Kenya, HFC Kenya for mortgages | **DUAL legacy cadastre** (RTA / RLA / GLA / LTA being **unified under LRA — Land Registration Act 2012**); **Affordable Housing Levy 1.5% gross** (Finance Act 2023) under judicial review 2024-25 — verify final ruling; insurance penetration ~2.5% GDP; foreign USD-denominated policies common in prime areas (Karen / Lavington / Westlands / Kileleshwa / Runda / Muthaiga / Kitisuru); IRA RBS (Risk-Based Supervision) reform ongoing 2024-25 [verify]; reinsurance retrocession via Kenya Re + ZEP-RE + African Re; **post-2024 long-rains** highlighted underinsurance in informal settlements |

- Exact Catnat surcharge effective dates for 2025 in FR (arrêté wording vs CCR communications) — confirm with legifrance.gouv.fr
- Italian individual cat-cover mandate timeline beyond business phase-in
- German Elementarschaden Bundestag bill status (multiple 2024 motions, none enacted as of last verifiable point)
- Greek mandatory EQ cover bill — proposed 2024, not enacted
- Romanian PAID effective uptake percentage (varies between 18-22% across 2023-2024 reports)
- Canadian FFIP exact launch date — slated 2025-26, no confirmed go-live as of cutoff
- All "ballpark premium %" figures for non-headline markets — broker-rule-of-thumb ranges, NOT to be quoted as authoritative
- **IL** war-risk insurance landscape post-Oct 2023 through the Jun 2025 + 2026 Israel-Iran wars — Compensation Fund payouts and private-market war-exclusion scope are evolving monthly; do NOT quote as stable
- **AE** flood-claim aggregate from Apr 2024 floods (~AED 4-5bn) is trade-press estimate, no published regulator figure
- **EG** market figures distorted by EGP devaluation Mar 2024; sums-insured and premium-% require fresh verification per transaction
- **TR** DASK azami teminat 2,488,318 TL per policy from 01.09.2026, rising to 2,552,268 TL from 01.10.2026 (2026 data, source dask.gov.tr tarife-ve-primler) — re-indexed monthly by TÜİK ÜFE, so re-check the current month on dask.gov.tr
- **PHILCAT** Philippine cat-pool — proposal stage, not enacted as of cutoff
- **JP** JER total-liability cap (¥12 trillion) — verify current MOF/JER figure annually
- **NCIF** Thailand National Catastrophe Insurance Fund — created 2012 post-flood, low uptake; current operational status [verify]
- **US** state-by-state insurer-exit dynamics (FL/CA/LA/TX) shift quarterly — any premium quote >6 months old is stale

---

## Confidence labels

- **HIGH**: cat-risk scheme name and statutory basis confirmed via official authority URL
- **MEDIUM**: industry-association reports, KPMG/PwC summaries, insurer-published material
- **LOW**: ballpark premium % only, or regulatory consultation not yet enacted

## Insurability cliff (flood / peril) — mortgage & resale knock-on (cross-link: --climate)

> **This is NOT a new flag.** It is a bounded cross-link carve-out shared by the existing
> [`--insurance`](insurance.md) and
> [`--climate`](climate-projections.md) sections.
> Invoke it from either: `--climate` surfaces the hazard zone; `--insurance` answers
> "will *any* insurer write this address, at what loading, and does that block the loan/resale?"
> Scope is the **binary insurability question + the national backstop schemes that decide it** —
> deliberately *not* a 121-country sweep.

**Snapshot**: May 2026. Every scheme below is date-stamped to its enabling instrument; figures >12 months old may have moved — re-verify at the cited authority.

The **insurability cliff** is the point at which no insurer will write peril (flood / storm / quake)
cover on a specific address — or will write it only at a near-full-dwelling-limit loading or with a
flood sub-limit so low it is cosmetic. At that point the property is *effectively uninsurable*.
Because virtually every mortgage lender requires buildings insurance as a loan condition,
**uninsurable → unmortgageable → the buyer pool collapses to cash → resale value impaired**.
A national backstop scheme is what usually *prevents* the cliff (it forces availability and/or
caps price); markets with no backstop are where the cliff bites hardest.

### National peril/flood backstop schemes

- **UK — Flood Re** (operational since April 2016; flood reinsurance scheme, scheduled to **end 2039** then transition to risk-reflective pricing). Lets home insurers cede the flood element of high-risk household policies into a pooled, levy-funded reinsurer, so cover stays *available and affordable*. **Excludes homes built/completed on or after 1 January 2009** (deliberate, to deter building on flood-risk land) — post-2009 new-builds in flood zones are the UK's primary cliff exposure. Companion **Build Back Better** scheme (Flood Re, from 2022): up to £10,000 of resilient-reinstatement work funded on top of a flood claim. Authority: [Flood Re](https://www.floodre.co.uk/) · [House of Commons Library CBP-8751](https://commonslibrary.parliament.uk/research-briefings/cbp-8751/) · [ABI Flood Re explained](https://www.abi.org.uk/products-and-issues/topics-and-issues/flood-re/flood-re-explained/). Cliff verdict: **largely prevented for pre-2009 dwellings; live for post-2009 new-builds and most commercial/leasehold-block risks (Flood Re is household-only)**.
- **France — régime de catastrophes naturelles ("Cat Nat")** (loi n° 82-600 du 13 juillet 1982). Cat-Nat cover (flood, mudflow, drought-subsidence, etc.) is **automatically bundled** into every multirisque-habitation / building policy via a state-set surcharge; CCR provides state-backed reinsurance. The surcharge rose **from 12% to 20% of the property premium on 1 January 2025** (first revaluation in ~25 years; scheme in deficit since 2016). Crucially, the **Bureau Central de Tarification (BCT)** can *compel* an insurer to issue a policy when an owner has been refused — the legal backstop against an outright cliff. Authority: [CCR — régime Cat Nat](https://www.ccr.fr/) · [Légifrance loi 82-600](https://www.legifrance.gouv.fr/) · BCT (bureaucentraldetarification.fr) · surcharge change reported [Sovos](https://sovos.com/regulatory-updates/vat/france-substantial-catnat-premium-rate-increase-as-of-january-2025/). Cliff verdict: **structurally prevented** — cover is mandatory-bundled and the BCT forces issuance; risk is price (rising excess / surcharge), not availability.
- **Spain — Consorcio de Compensación de Seguros (CCS)**. Extraordinary-risks cover (flood, storm, earthquake, tsunami, volcanic) is **compulsorily bundled** into property/life damage policies via a CCS surcharge; CCS (public insurer) pays the extraordinary-peril element on a flat, mutualised, non-risk-rated tariff. Flood ≈ 70% of CCS payouts (1987–2022, €10.6bn). Because the surcharge attaches to *any* qualifying private policy regardless of address risk, there is **no address-level flood-availability cliff** once a base policy exists. Authority: [Consorcio de Compensación de Seguros](https://www.consorseguros.es/en/) · [CCS extraordinary-risk FAQ](https://www.consorseguros.es/en/preguntas-frecuentes/seguros-de-riesgos-extraodinarios) · [Lloyd's — Spain Consorcio charges](https://www.lloyds.com/market-resources/tax-information/taxation-news/spain-consorcio-charges). Cliff verdict: **prevented for extraordinary perils while a base policy is in force**.
- **United States — NFIP (FEMA) + Risk Rating 2.0 + private flood**. The NFIP is the federal flood backstop; flood is *not* in standard homeowners' cover. **Risk Rating 2.0** (full roll-in October 2021) prices NFIP policies on property-specific risk rather than flood-zone band — premiums in high-risk locations now climb toward true cost (multi-year glide path, statutory ~18%/yr cap on most increases), which is the US affordability cliff even though *availability* is maintained. **Mandatory-purchase rule**: a property in a mapped **Special Flood Hazard Area (SFHA)** with a federally backed / federally regulated / GSE-purchased mortgage **must** carry flood insurance — so in an SFHA, uninsurable literally blocks the loan. Private flood is the alternative if NFIP is unavailable/insufficient. Authority: [FEMA NFIP](https://www.fema.gov/flood-insurance) · [Risk Rating 2.0 (FEMA)](https://www.fema.gov/flood-insurance/risk-rating) · [CRS R45999](https://www.congress.gov/crs-product/R45999) · [FEMA mandatory-purchase evaluation](https://www.fema.gov/sites/default/files/2020-07/fema_nfip_eval_mandatory_purchase_requirement.pdf). Cliff verdict: **availability backstopped (NFIP), but price cliff under RR2.0 + a hard SFHA loan-condition gate**.
- **Australia — NO general national flood scheme + ARPC cyclone reinsurance pool** (Treasury Laws Amendment (Cyclone and Flood Damage Reinsurance Pool) Act 2022; ARPC pool live **1 July 2022**, ~$10bn annually reinstated government guarantee). The pool reinsures **cyclone and cyclone-*related* flood damage** (targeted at Northern Australia), lowering reinsurer cost to improve affordability there — but **riverine/flash flooding outside a cyclone is NOT backstopped**. Post-2022-floods Australia has a recognised flood-cover affordability *and* availability crisis: insurers materially load or decline high flood-risk addresses with no compelled-issuance mechanism. Authority: [ARPC — Cyclone Pool](https://arpc.gov.au/reinsurance-pools/cyclone/) · [APRA — cyclone & related flood pool](https://www.apra.gov.au/cyclone-and-cyclone-related-flood-damage) · [Treasury fact sheet](https://treasury.gov.au/sites/default/files/2021-12/c2021-226351-factsheet.pdf). Cliff verdict: **highest-exposure developed market for non-cyclone flood** — no compelled cover, real declines/full-loading; cyclone-zone risk partially mitigated by ARPC.
- **New Zealand — Natural Hazards Commission Toka Tū Ake (NHC) + Natural Hazards Insurance Act 2023** (in force **1 July 2024**; replaced the Earthquake Commission Act 1993, EQC → NHC). Statutory first-layer cover for natural-hazard damage (earthquake, landslip, volcanic, tsunami, geothermal — and storm/flood for *land* in defined cases) is **automatically attached to any residential property that holds private fire insurance**, capped per dwelling, with private insurers covering above the cap. The "must hold fire insurance to get the NHC layer" linkage means the cliff appears only if the *base* private policy itself becomes unobtainable. Authority: [NHC Toka Tū Ake — Natural Hazards Insurance Act](https://www.naturalhazards.govt.nz/about-nhc/how-we-work/natural-hazards-insurance-act-2023/) · [NHC](https://www.naturalhazards.govt.nz/). Cliff verdict: **statutory layer prevents the quake/landslip cliff while base fire cover exists; pure-flood (building) availability still depends on the private market.**
- **No public backstop — fully market-priced, cliff risk highest**. Most of the remaining ~95 supported countries have **no compelled-issuance and no national peril pool** for flood — cover is wholly underwriter-discretion. data not publicly available as a single registry — verify per country at the national insurance regulator / supervisor (e.g., the country's central bank or insurance authority) via [`--insurance`](insurance.md). In this bucket the cliff is real and unmitigated: an underwriter can simply decline, or quote a flood sub-limit/excess that is economically a refusal. Treat *absence of a named backstop above* as elevated cliff risk and require a real address-level quote pre-offer.

### The cliff → mortgage/resale knock-on

1. **Lender condition.** Mortgage offers near-universally require buildings/fire insurance in force at completion and maintained for the loan term. No acceptable buildings cover → **no draw-down / breach of mortgage conditions**.
2. **Peril carve-out is enough to fail it.** A policy that *exists* but excludes flood (or sets a flood sub-limit far below rebuild cost, or an excess at near-dwelling-limit) can still fail the lender's "adequate buildings cover" test for a flood-exposed address.
3. **Buyer pool collapses to cash.** Uninsurable/unmortgageable removes every mortgage-dependent buyer. Remaining demand is cash-only at a discount that prices in self-insurance of the peril.
4. **Resale + valuation impairment.** Surveyors/valuers down-value or qualify the valuation ("insurance availability to be confirmed"); the impairment compounds each transaction until mitigation or a backstop changes the risk.
5. **Backstop = the circuit-breaker.** A scheme that *compels issuance* (FR BCT), *mandatorily bundles* the peril (FR Cat Nat, ES Consorcio, NZ NHC), or *pools/reinsures it affordably* (UK Flood Re, US NFIP, AU ARPC for cyclone) is precisely what keeps an address on the mortgageable side of the cliff.

### Pre-offer cross-check

1. **Pull the hazard zone from `--climate`.** Get the address-level flood/peril classification (national flood map, SFHA, Flood Re-eligibility band, AU flood layer, etc.) — coordinates from preflight.
2. **Request a REAL insurer quote at the exact address pre-offer.** Not a regional rule-of-thumb — a bindable quote (or written decline) for *this* address. A decline or a flood sub-limit far below rebuild cost = cliff hit.
3. **Check the national backstop actually applies to this property.** UK: built before 1 Jan 2009 and household (Flood Re)? FR: Cat-Nat bundled + BCT route if refused? ES: base policy in force (Consorcio attaches)? US: in an SFHA, and is NFIP/private available? AU: cyclone-related (ARPC) vs ordinary riverine flood (no backstop)? NZ: base fire policy obtainable (NHC layer attaches)?
4. **Confirm the lender will accept the cover.** Send the actual quote/scheme structure to the prospective lender (or mortgage broker) and get written confirmation it satisfies the buildings-insurance condition — including any flood sub-limit/excess.
5. **Price the loading and excess into the offer.** Annual loaded premium + the flood/peril excess + any resilient-reinstatement cost is a recurring cost and a resale drag — bake it into the bid, not a post-offer surprise. If steps 2–4 cannot be cleared, treat the address as a 🔴 cliff and walk or re-price to cash terms.

### Carve-out provenance & confidence

- 2026-05-15 — Initial gap-#4 (`--flood-insurability`) carry-over carve-out drafted. Confirmed per the gap-analysis recommendation this is a **cross-link carve-out for `--insurance` + `--climate`, not a new flag**; not added to SKILL.md argument-hint or the Sections table.
- France Cat-Nat surcharge change (12% → 20% property premium, effective 1 Jan 2025) reported via secondary tax-advisory sources (Sovos, Unisonsteadfast); cross-check against the official arrêté on Légifrance / CCR before quoting as authoritative for a transaction.
- UK Flood Re 2039 end-date is the current stated horizon (scheme is reviewed periodically) — re-verify at floodre.co.uk before relying on it for a long-hold thesis.
- AU "no general national flood scheme" is correct as of May 2026; the ARPC pool covers cyclone and cyclone-*related* flood only — do not represent it as a general flood backstop.
- The "no public backstop" bucket is intentionally not enumerated country-by-country (out of carve-out scope); resolve per country via `--insurance`.
- **Confidence**: MEDIUM-HIGH for the named-scheme mechanics (each sourced to scheme authority / parliamentary library / regulator). MEDIUM for the FR 1 Jan 2025 surcharge figure (secondary advisory sourcing pending primary arrêté confirmation). LOW for any specific address — always require a real pre-offer quote.

## Status

Last refreshed: 2026-05-15 (Tier-1 + Tier-2 + Tier-3 + Tier-4 + **Tier-5 expansion**: US, TR, AE, JP, TH, DO, CO, UY, CL, ZA, GE, ID, MY, VN, PH, IL, MA, EG, SG, HK, KR, TW, LI, MO, AD, MC, MD, QA, SA, PE, EC, PY, AM, AZ, TN, **IN, NG, KE, JO, OM, BH, KW, LB** added — total 87 countries). Next refresh: per-event (each cat-risk scheme reform); annually otherwise. **High-volatility rows** (re-verify before quoting): IL (active war), AE (post-flood market), EG (post-devaluation), US (state insurer-exit churn), TR (DASK cap re-set), TW (post-Hualien 2024 M7.4 — TREIF cap review), MD (Vrancea seismic legacy + low penetration), AM (Spitak 1988 seismic legacy + low penetration), EC (post-2016 Pedernales reconstruction gap + 2024 Internal Armed Conflict), PE (El Niño-recurrent 2017/2023/2024 + Lima subduction), TN (IMF EFF suspended Mar 2024 macro stress + FX-loan restrictions), **JO (Dead Sea Transform fault + Syrian-refugee overlay + Aqaba 1995 M7.3 legacy)**, **OM (Indian Ocean cyclone Gonu/Mekunu/Shaheen exposure)**, **LB (post-2019 banking crisis + LBP hyperinflation + Beirut Port 2020 + 2024 Israel-Hezbollah war-exclusion-clause review)**, **IN (post-2023 Sikkim GLOF + 28-state cadastre fragmentation + IRDAI 2024 climate-risk consultation)**, **NG (post-2022 floods + NGN devaluation distorted sums-insured + 0.5% penetration)**, **KE (post-2024 long-rains floods + Affordable Housing Levy under judicial review 2024-25)**.