southeast asia

Catastrophe modelling firm JBA Risk Management, has highlighted the potential for significant increases in flood exposures across the Asia-Pacific by the year 2020, further cementing the need for increased reinsurance and insurance-linked securities (ILS) participation in the region.

Asia has become one of the world’s most rapidly developing regions, with a burgeoning population, rising asset values and large-scale urbanisation. However, the development of the region’s economy is hindered by high exposure to flood events and a broad insurance protection gap.

The World Bank supported Pacific Catastrophe Risk Insurance Pilot has paid Vanuatu $1.9m after the risk pooling facility was triggered by Category 5 Cyclone Pam which struck the Pacific island nation on March 13th.

The parametric Pacific Island catastrophe risk insurance and reinsurance pooling initiative, the Pacific Catastrophe Risk Insurance Pilot, may have been triggered by Cyclone Pam which made a direct hit on Vanuatu as a strong Category 5 storm.

Countries across Asia continue to develop, or pursue the development of, functioning catastrophe insurance and reinsurance markets, which is a positive sign for global reinsurers and the insurance-linked securities (ILS) market.

The Governments of Samoa, Tonga, Cook Islands, Vanuatu and the Marshall Islands have called for an extension to the Pacific Catastrophe Risk Insurance Pilot (PCRIP), which was renewed for its third term on November 1st 2014.

The Pacific Catastrophe Risk Insurance Pilot, which provides parametric insurance cover for tropical cyclone (typhoon) and earthquake, including tsunami, risks to a group of Pacific Islands, has made its first payout to Tonga after cyclone Ian.

The Pacific Catastrophe Risk Insurance Pilot, a disaster insurance facility which provides parametric insurance cover for tropical cyclone (typhoon) and earthquake, including tsunami, risks to a group of Pacific Islands, has renewed from November and added one new island member.

Further details have emerged on the new disaster insurance facility which launched last week to provide parametric insurance cover for tropical cyclone and earthquake risks to a group of Pacific Islands. The parametric catastrophe facility has been set up by the World Bank and the Secretariat of the Pacific Community (SPC) Pacific Catastrophe Risk Assessment […]

A new disaster insurance facility has been officially launched today to provide parametric insurance cover for tropical cyclone (typhoon) and earthquake, including tsunami, risks to a group of Pacific Islands. The pilot project, launched today by the World Bank and the Secretariat of the Pacific Community (SPC) Pacific Catastrophe Risk Assessment and Financing Initiative (PCRAFI) […]