Risk Management Solutions (RMS) have announced completion of a pilot project looking at the viability of bringing a micro-insurance scheme for earthquake risk to rural China. RMS say that with the appropriate support it is now viable to bring a product to market which could help protect low income households against major earthquakes through a […]
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It’s really good to see that the Guardian newspaper, one of the largest circulation news sources in the UK, today carries an article on micro-insurance weather protection for farmers in India and the developing world. We are huge advocates of the potential benefits of these schemes, even though we do believe most currently in operation […]
Munich Re have teamed up with Indonesian insurer Asuransi Wahana Tata to bring an innovative micro-insurance product to Indonesia. The product ‘Alert 1 Manggarai Protection Card‘ offers index-based flood insurance cheaply and easily to low income families in the Indonesian capital Jakarta. The new product started life as a feasibility study between Munich Re (as […]
The United Nations World Food Programme has teamed up with the International Fund for Agricultural Development and the Bill & Melinda Gates Foundation to provide almost $1m in funding to support research and planning for weather index-based insurance schemes aimed at poor rural farmers. This is great and furthers the cause of index-based mechanisms for […]
Once again, the subject of exchange traded weather hedging instruments has found its way onto the agenda in India, as representatives of an exchange and regulator still look for a way to make this a reality.
Swiss Re Corporate Solutions’ Innovative Risk Solutions team, a division of reinsurance giant Swiss Re, has launched a digital parametric natural catastrophe platform in the U.S. for the small and medium-sized enterprise (SME) market, called Parametric Online Platform (“POP”) STORM.
For countries in the ECIS region, catastrophe bonds can remove risks from government balance sheets and reinforce macro-economic stability while providing access to rapid recovery funding, but more understanding of this asset class needs to take place in the region, according to industry experts.
The issues of under-insurance and the disaster insurance protection gap means people lack financial support after catastrophes strike and if the state always has to intervene after the loss event, perhaps the state itself should be buying risk transfer protection, according to Christian Mumenthaler, CEO of Swiss Re.
The Jamaican government continues to work with the World Bank to identify and develop a long-term disaster risk financing strategy and a report from this work found that Jamaica faces an average of US $121 million of hurricane and flood damages every year.
Natural disasters, such as weather and geophysical catastrophe events, have been the direct cause of sovereign rating defaults in the past, but risk transfer, insurance and reinsurance can all help to support sovereign credit worthiness, with catastrophe bonds a tool available to help countries manage disaster risk.