Geneva Association Study Analyzes Asian Flood Risks
Friday, 07 31 2015, Category: Insurance and Reinsurance, Country: World
The Geneva Association has released a 47 page report that details the particulars of insuring the risks from floods in Asia’s “high growth” markets.
“In Asia, the insurance protection gap is yawning particularly widely,” the study concludes. “Less than 10 percent of natural catastrophe losses in the region are covered by insurance, compared with more than 50 per cent in the U.S.
“Therefore, the growing protection gap exposes businesses and individuals alike to devastating losses which ultimately could adversely impact Asia’s future economic and societal development. There is a clear need for bold and determined responses from both the public and private sectors.”
Source: Insurance Journal