KUALA LUMPUR (October 26): Among all natural hazards, flooding is one of the main contributors to loss from natural disasters around the world, which caused 16% of all secondary insured risks from 2011 to 2020, revealed Tuesday ASEAN Insurance Pulse.
Apart from that, floods were responsible for over 45% of the cumulative total natural disaster losses of 137 billion US dollars (568 billion RM) since 1990 in nine ASEAN countries, long before storms and quakes. earthen.
The findings of the fifth edition of the ASEAN Insurance Pulse 2021 are based on structured interviews with executives representing 27 regional and international insurance and reinsurance companies, intermediaries, policy makers and professional associations, Malaysia Reinsurance said. Bhd (Malaysian Re).
As noted in the key findings of the ASEAN Insurance Pulse 2021, the share of uninsured losses in total economic losses continues to exceed 90% for storms, floods and earthquakes in emerging Asian countries.
“Malaysian Re hopes the ASEAN insurance community will benefit significantly from the ASEAN Insurance Pulse 2021,” she said in a statement on the occasion of the launch of the fifth edition of its annual regional publication. of thought leadership, ASEAN Insurance Pulse, in conjunction with the fourth edition of ASEAN Insurance. Summit held virtually in Singapore.
It was launched virtually by the Secretary General of the ASEAN Insurance Council, Christian Wanandi, and the Chairman of the Malaysian company Re George Oommen, in the presence of the Deputy Managing Director of the Monetary Authority of Singapore (Banking and Insurance) Marcus Lim and the ASEAN Deputy Secretary General for the ASEAN Economic Community. Satvinder Singh.
This year’s publication focuses on natural disasters and in particular flood risks, as well as their impacts on the ASEAN economy and the insurance market.
ASEAN Insurance Pulse 2021 explores the key trends driving financial risk management from natural disasters and floods in the region.
The report also highlights the growing importance of environmental, social and governance (ESG) principles in the underwriting and management of insurers’ assets.
“We are seeing an increasing demand for natural disaster coverage in the ASEAN region. Climate change has an impact on people’s perception of risk.
“They are increasingly aware that weather conditions are changing from the past; Sea levels are rising, the frequency of coastal flooding is increasing, and the monsoon season appears to have changed. As insurable assets have grown, clients are also looking to protect themselves from natural hazards, ”said Malaysian President and CEO Re Zainudin Ishak.
“We hope our ASEAN peers find this year’s report useful as we explore natural disasters and floods as the main danger causing the greatest devastation in the region,” he added.
With the fifth edition of the ASEAN Insurance Pulse this year, Malaysian Re continues to demonstrate its commitment to supporting the integration of the ASEAN insurance community and providing the regional market with crucial market information on disaster risk. natural for strategic decision making.