Natural disasters make headlines with Asia being the most disaster-prone in terms of frequency and severity of Nat CATS and extreme events. In 2015, the Asia-Pacific region had almost half the world’s 344 disasters with 16,000 fatalities and 59 million affected and economic losses to the tune of more than US$45 billion though insured losses were much smaller. And there is a screaming protection gap and things are set to get worse with rapid urbanisation, global warming and climate change.

The impact of disasters on the poorer communities be they caused by protracted droughts, severe storms and rain, heat waves or quakes is just immense. The calls for international collaboration efforts in disaster risk reduction while positive is just not enough. There is a need to close the protection gap to help the masses who need the cover the most through well-functioning risk financing and risk transfer tools. Is this possible or just a pipe dream?

Asia Insurance Review is taking up the challenge to organise this 14th Nat CAT Conference with the theme: Closing the Protection Gap in Nat CAT: Insurance for the Masses.

The insurance industry, government agencies, international bodies and decision makers need better tools to understand the impact of Nat CATs, apply lessons from the past to improve the emergency preparedness of people and society. The next big disaster is just round the corner always.