Asia-Pacific disaster losses hit half a trillion dollars in 10 years
Wednesday, 11 04 2015, Category: Insurance and Reinsurance, Country: Asia
During the last decade more than 40% of global disasters have occurred in the Asia-Pacific region, affecting over 1.4 billion individuals and causing economic damages of beyond half a trillion dollars, truly underlying the need to narrow the insurance protection gap.
The Asia-Pacific region is home to some of the world’s poorest and most vulnerable communities and individuals to a range of natural disasters, including flooding, drought, earthquakes, and severe storms.
The levels of exposure, and the massive economic losses that result, underline the need for disaster risk finance and mitigation practices to improve resilience efforts, assist with increasing insurance and reinsurance penetration rates and ensuring recovery after catastrophes is better financed and easier.