catastrophe pool

The Asian Development Bank (ADB) is supporting the development of a public-private initiative to create the first earthquake insurance pool for the Philippines. The project aims to launch a functioning earthquake insurance involving government, local insurers and the international insurance and reinsurance community by 2015 and the ADB has committed an initial grant of $500,000 […]

Countries in Asia have been discussing the possibility of creating a disaster and catastrophe insurance pool for the region for a number of years. One of the leading voices has been the Philippines, as a country particularly exposed to climate, weather and natural disasters, who have been investigating possible solutions and looking into alternatives such […]

Thailand’s Office of Insurance Commission have been discussing ways that the Asean (southeast Asian) region could increase the amount of catastrophe reinsurance cover they acquire and lower their costs. The OIC, who have recently launched their own catastrophe insurance pool, are actively promoting an idea to have an Asean natural catastrophe fund to help the […]

There’s a very interesting article on the Insurance Day website in which they quote from Willis Chairman and CEO Joe Plumeri’s recent speech at the Insurance Day Summit Bermuda event. In his speech, which you can read in full on the Willis website, Plumeri highlighted the dire financial state of the U.S. federal governments finances […]

A recent event held in central Asia, the Azerbaijan International Forum dedicated to Catastrophe Risks and Construction Safety which is an event assisted by the UN Economic Commission, saw delegates discussing measures to deal with catastrophe risks. The Central Asian and Caucasus countries are amongst the most exposed to catastrophe risks globally.

New York Superintendent of Insurance James Wrynn announced a number of measures aimed at keeping the cost of coastal insurance affordable for residents of New York. The proposals include standard deductibles for windstorms, reducing the number of non-renewals insurers may issue and creating a catastrophe pool to stabilise premiums.

China, with its population of over 1.3b and its rapidly modernising infrastructure and economy, is still not particularly well covered by insurance for natural disasters. Many international insurance and reinsurance companies are active in China but much of the population remains at risk of disaster which they are not covered for.

General Insurance Corporation (the Indian state owned insurance and reinsurance company) is working to establish a natural catastrophe pool for insurers and reinsurers in Africa and Asia. A top official at the company has been quuoted in the Deccan Herald saying that GIC have been entrusted by the Federation of Afro-Asian Insurers and Reinsurers (FAIR) […]