Each year features new headlines about deadly and devastating natural catastrophes in different parts of the world. From floods and droughts, to earthquakes and storms, these natural catastrophes claimed almost 9,000 lives and resulted in economic losses of around US$178 billion in 2012. Mr Ivo Menzinger of Swiss Re Global Partnerships shares his views on how to minimise these risks and transfer the costs where appropriate.
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Taiwan is one of the most seismically active regions in the world. Mr Michael Spranger, Mr Brad Weir and Mr Rahul Patil from Aon Benfield Analytics share a detailed report on catastrophe threats faced by the island, mitigating measures taken and the challenge of protecting and insuring the high-value risks located in high-risk areas.
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Mr Anoop Khanna from GIC Re looks at the insurance gap in Asia, especially that of the coverage of catastrophes and specifically in India and China, saying that CAT pools and funds can help, and the education of people on insurance and its benefits is paramount.
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Mr Curtis S Chin from the Asian Institute of Technology and Mr Jose B Collazo from RiverPeak Group LLC urge developing countries' governments to tap into the private sector's risk transfer experiences early so that they will have the capabilities to rebuild their countries when catastrophes happen.
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