Cover Story – Catastrophe & Cat Modeling -The use of catastrophe modeling to advance the microinsurance agenda
Source: Asia Insurance Review | Jul 2009
Hundreds of thousands of people in the developing world suffer every time a catastrophe occurs. Most victims are at the “bottom of the pyramid”, losing their means of livelihood and homes, pushing them further down the spiral into poverty. The lack of sufficient and immediate financial resources for recovery efforts from such disasters creates an enormous challenge, further fuelling poverty and illegal migration in the developing world.
Mr Zifa Wang, Managing Director, RMS China and Mr Pane Stojanovski, Vice President, Model Development Operations, both from Risk Management Solutions (RMS), say that the solution is to make available low-cost microinsurance to citizens of developing countries, that are intended to preserve their means of livelihood, residence and personal items.
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