Assessing catastrophe

Typhoon Haiyan's impact on the insurance industry is estimated by industry insiders to be limited but the risk profile for insurance companies and reinsurers is increasing throughout Asia.

The devastation wrought by Typhoon Haiyan, one of the biggest natural disasters in recent history, was a stark reminder of Asia’s vulnerability to such catastrophes. 

However, low non-life insurance penetration in the Philippines means the majority of losses incurred from November’s storm are expected to be uninsured and the impact on insurance and reinsurance companies is estimated by industry insiders to be limited.

“If we examine the gap between economic loss and insured loss for natural catastrophe events in the region compared to the rest of the world, the difference is significant. The take-up of general insurance across the region remains small even as natural catastrophe...

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