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ASEAN: Lloyd's study shows top 15 Southeast Asian cities have US$300 bln at risk over next decade

Source: Asia Insurance Review | Oct 2015

Southeast Asia’s top 15 largest cities have US$300 billion at risk from a series of threats over the next decade, according to new research launched by Lloyd’s.
   The Lloyd’s City Risk Index 2015-2025 indicates that in Southeast Asia, 17.7% of the average annual GDP of $1.69 trillion generated by the top cities in Cambodia, Indonesia, Malaysia, Myanmar, Philippines, Singapore, Thailand and Vietnam is at risk in the coming decade.
   The Risk Index presents the first-ever analysis of economic output at risk (GDP@Risk) in 301 major cities across the world from 18 man-made and natural threats over a 10-year period. Based on original research by the Cambridge Centre for Risk Studies at the University of Cambridge Judge Business School, the Index found that a total of $4.6 trillion of projected GDP is at risk in these cities around the world.
   The greatest threats to the economies of the 15 Southeast Asian cities analysed are from windstorm ($68.29 billion), followed by market crash ($60.8 billion), human pandemic ($30.74 billion), earthquake ($30.06 billion), and flood ($22.48 billion).
   Underinsurance remains a key issue within the region and the findings show the need for governments and businesses to work together to build more resilient infrastructure and institutions.
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