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TMCNet: Asian Development Bank to Develop Disaster Risk Insurance Scheme

[September 23, 2008]

Asian Development Bank to Develop Disaster Risk Insurance Scheme

(BestWire Services Via Acquire Media NewsEdge) Asian Development Bank initiated a regional risk insurance scheme for the Asia-Pacific region in an attempt to improve the countries' ability to cope with rising natural disaster costs.

The project will study various risk transfer mechanisms, including regional risk pooling, to ease the financial burden from natural disasters. The viability of establishing a regional risk insurance scheme will also be examined.

The Japan Special Fund provided a grant of US$800,000 (541,300 euros) to support the project, which includes the hosting of an international conference this November in Tokyo to discuss topics of natural disasters and risk insurance mechanisms for the region.


"Natural disasters place a substantial financial burden on developing member country governments, which contribute to fiscal and economic volatility," said ADB senior disaster risk management specialist Neil Britton.

In a 2005 estimation, the Asia-Pacific region typically requires US$15 billion annually to restore infrastructure and economic development of countries hit by disasters, according to the ADB. A total amount of US$40 billion, 1% of the entire Asia Pacific region's gross national income of US$4 trillion, would be required to restore infrastructure damaged by natural disasters.

However, many developing countries in the region which are most vulnerable to natural disasters lack the resources to protect them from catastrophic loss.

The number of recorded disasters is rising annually in the region, reaching an all-time high of 950 catastrophic incidents in 2007. In the past two decades, ADB reported the number of people whose assets affected by disasters jumped by 59% even as deaths from disasters annually fell 30%.

The ADB is urging the need to find insurance and financially mechanisms for the Asia-Pacific region in an effort to spread risk among countries. The bank cited risk insurance pooling is "a relatively new initiative for developing nations." This insurance mechanism has been adopted by many developed countries to share risks through signed in agreements, under which each participant in the group or pool assumes specified portion of risk.

From 1975 to 2005, the ADB said Asia accounted for 37% of the world's natural disasters, 57% of related deaths, 89% of people affected and 44% of property and infrastructure damages. Major factors contributing to the rise of catastrophic incidents include climate change, increased poorly regulated urbanization and the complexity of the development process itself.

The intensity of extreme events is expected to increase with climate change, said the ADB. Many small and low-lying Pacific islands face the greatest risk from natural disasters, including the threat of rising sea levels, caused by global warming and concentration of productive capacity in relatively small areas.

(By Iris Lai, Hong Kong bureau manager: Iris.Lai@ambest.com)

Copyright ? 2008 A.M. Best Company, Inc.

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