Asia, the largest continent on earth which covers 8.8% of the Earth’s land area, has the largest coastline at almost 4 million square miles, is also the most vulnerable landscape to natural calamities. How can the insurance industry from this region manage the risk exposures effectively and competitively? Can insurance industry look to science to help them accurately measure the risks?
These are the burning issues for discussions today among insurance industry leaders, think tanks and stakeholders from different parts of the world, converging, reasoning together and looking for responsive ways to new normal Asian Catastrophes (CATs) at the 12th Conference on Catastrophe Insurance in Asia held in Jakarta. Disaster loss in Asia continues to rise with no deference to survival, dignity and livelihood of people, particularly the poor populations. In 2011, 90% of 270 billion USD in economic losses was from Asia. This region aiming for One ASEAN 2015 will also get even bigger with expected 10 megacities by 2025.
These megacities with population of more than 10 million are also vulnerable to disasters known to man— Tokyo-Yokohama, Manila, Pearl River Delta, Osaka-Kobe, Jakarta, Nagoya, Kolkata and Shanghai respectively.
This year’s theme: “Measuring the Risk Pulse of the CAT Market” will engage participants to manage CAT risks as one of the increasingly important part of the insurance industry. CATs Issues to be discussed include dynamics of the CAT market today, managing CAT risks and claims and the roundtable discussion on efficient CAT risk management as key determinant of success.
To know more about the event, please visit this link: http://www.asiainsurancereview.com/Portals/1198/pdf/14-CAT.pdf
Dr. Antonis Malagardis, RFPI Asia program director will participate in the roundtable discussion highlighting improving catastrophe risk assessment with the Philippine experience on Haiyan.
Haiyan, the powerful tropical cyclone which hit Southeast Asia on Nov. 8, 2013 is reportedly the worst one ever recorded. Impact research shows that more than 8,000 people were killed or are missing after the storm -- which makes it the most fatal event of the year. It ranks third in terms of economic loss. More than 1.3 million claims were filed and it incurred $13 billion in economic losses, and $1.5 billion in insured losses.