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ICAR
2017
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The natural disasters cause huge amounts of economic damage each year, most of which is uninsured. Also, there is a massive discrepancy between different regions across the world regarding the degree of economic loss caused by catastrophes and how much is covered by insurance.
Between 1980 - 2015, the catastrophes inflicted USD 840 billion of economic losses on the EMEA Region, with only USD 195 billion covered by insurance, shows a recent study conducted by a leading international reinsurance broker. Therefore, there is a significant disparity in the economic - to - insured loss values of about USD 645 billion within this region.
Also, climate change-related natural disasters will put 1.3 billion people and EUR 139.49 trillion assets at risk by 2020, according to the World Bank. A report published by the Global Facility for Disaster Reduction and Recovery, a division of the bank, says the extent of the risk is high because the world is not well prepared to tackle the threats.
Urging cities to plan ahead for such disasters, before it is too late, the report highlights that the total damages such disasters had caused in recent decades have greatly increased.
According to the report, the worst is yet to come amid a combination of various factors such as global warming, increasing population and the vulnerability of people packed into slums in low-lying, fast-growing cities which already have huge populations (the population in 14 of the 20 most populated cities in the world, is expected to increase by a minimum 40% between 2015 and 2030).
How can the re/insurers contribute to diminish the impact of the Nat Cat risks? What are the proper financing mechanisms against these risks caused by climate change? How are claims handled and how can we increase the penetration degree in agricultural insurance, one of the most important segments of the Romanian economy?
In this context, the broad theme of climate change and catastrophic risks management and how these two aspects influence the agricultural insurance segment will be discussed during the 14th edition of the International Catastrophic Risks Forum - ICAR 2017, which will take place on 18 October 2017, at the Sheraton Hotel in Bucharest. |
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