Asia has been fraught with the increasing frequency and severity of the impact of Nat CATs. Governments are increasing looking at insurance to help bear the cost of the damage wreaked by earthquakes, windstorms and floods. 2016 turned out to be the worst in the last four years with a US$210 billion economic loss, though insured losses hovered at around US$39.5 billion. The protection gap remains a hot issue with great prospects and challenges for insurers and reinsurers.
And the worse is yet to come as climate change with a combination of rapid urbanisation and population growth look set to drive disaster losses to trillions of dollars say doomsayers. These extreme events may become the norm in the future. So the big question is: How can the insurance industry cope with the rising demand for Nat CAT Covers? Are there innovative or even disruptive solutions out there that can predict the real risks and offer cover at affordable prices with a win-win for the insured and the insurers. Or is this just a pipe dream?
The 15th Asia Conference on CAT Insurance returns to its launch-spot in Taipei to find these answers by bringing together experts in the field including international Climate Change bodies as well as modelling agencies, geoscientists, government officials and insurance leaders. TREIP’s success is a beacon to many as an inspiring starting point.
The two-day event with the theme, “Insurance in the Ring of Fire” – Finding Smart, Inclusive & Innovative Sustainable Solutions” will focus on underwriting efficiency to make insurance affordable and accessible to all. And sustainability means insurers and reinsurers must underwrite for a profit to stay in business for the long term.
This annual CAT conference is a MUST-ATTEND for CAT underwriters, reinsurers, CAT modellers, brokers as well as all involved in this volatile CAT business as the insurance community needs to step up and play a strong leadership role in strengthening risk management capacities and bridge the gap.