Asian catastrophe losses highlight protection gap
Wednesday, 08 09 2017, Category: Nature, Country: Asia
Billions of dollars of catastrophe and severe weather losses in Asia in July 2017 have highlighted the size of the insurance and reinsurance protection gap in the region. Flooding and storms in Asia caused well over $10 billion of economic losses during the month, while storms in Turkey and the United States drove the insurance industry loss for the month.
Reinsurance broker Aon Benfield’s catastrophe modelling unit Impact Forecasting reveals a story of “relentless seasonal flooding” across the month of July, resulting in many fatalities and widespread damage across parts of Asia.