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. The report by the International Reinsurers Association (IRA) said that while there was an increase in coverage for natural disasters, it had been offset by rising costs due to climate change. "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".