News Asia21 Jun 2017

Asia CAT:Regulators urge collaboration on disaster risk management

| 21 Jun 2017

Despite technology advances and continuous innovation, no one can precisely predict natural disaster occurrences nor control its damages, said Dr Tien-Mu Huang, Vice Chairman of the Financial Supervisory Commission (FSC), Taiwan, at the 15th Conference on Catastrophe Insurance in Asia yesterday. Citing catastrophic losses and severe impacts on the global insurance industry from events such as the Queensland and Thai floods, the Tohoku earthquake and Typhoon Morakot, he noted that economic losses caused by Nat CATs usually affect not just one country or region, but also tend to spread to the whole world. He thus urged both industry and governments alike to pay serious heed to disaster risk management issues and look to tackle them via insurance, capital market solutions and regional collaborations.

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