Catastrophic flood and storm losses of $1 billion in Asia have demonstrated a significant gap in insurance and reinsurance protection coverage, according to reinsurance broker Aon Benfield. Insurance and reinsurance in Asia has not seen widespread adoption, with insured loss expected to fall far below the $1bn expected in the US. "The majority of losses are likely to be uninsured", said meteorologist Claire Darbinyan, offering an opportunity for "re/insurers to further offer their specialist risk management skills".
Catastrophic flood and storm losses of more than $10bn in Asia have demonstrated a significant gap in insurance and reinsurance protection coverage, according to reinsurance broker Aon Benfield. Insurance and reinsurance in Asia has not seen widespread adoption, with insured loss expected to fall far below the $1bn expected in the US. "The majority of losses are likely to be uninsured", said meteorologist Claire Darbinyan, offering an opportunity for "re/insurers to further offer their specialist risk management skills".