Public-Private Partnerships (PPP) are touted as the ideal catastrophe risk management and financing solution. In reality, the execution of this strategy in Asia is still far from being the success it is supposed to be. Who should take the lead - governments or insurers? And is there more that the insurance industry can do?
By Dawn Sit
There are many reasons why there is still a serious insurance protection gap in Asia for Nat CAT risks. These include perceived high cost of insurance, mistrust of the industry, cultural challenges and data paucity. Mr Amer Ahmed of Allianz Reinsurance stresses that despite these challenges, the (re)insurance industry and governments in this region must work together to make disaster risk financing a "key policy priority".
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Natural catastrophes are on the rise in India, and the trend is expected to continue. Rapid population explosion and economic activity, coupled with developments in riskier and more environmentally vulnerable areas, have exposed property, infrastructure and other assets to damage from natural catastrophes.
By Jimmy John
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Jakarta is highly exposed to natural disasters and close to 28 million people in the Greater Jakarta area could potentially be affected if an earthquake or river flood strikes the city. Mr Gabor Jaimes of Swiss Re discusses the Nat CAT protection gap that exists in Jakarta and the steps that can be taken to narrow this gap.
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Climate change is causing shifts in our weather pattern and in some cases, with catastrophic results. Mr Brian O'Brien of ConsultRe looks at typhoons in particular and their historic data. He says rapid urbanisation especially in coastal cities is the reason for the increased loss of lives and destruction.
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