SINGAPORE, Jan 21, 2010 (Xinhua via COMTEX) -- Singapore's Nanyang Technological University launched a Institute of Catastrophe Risk Management (ICRM) on Thursday.

The institute aims to help the international community better understand the characteristics of risks related to natural disasters such as earthquakes, tsunamis, typhoons, volcanic eruptions, floods, droughts, as well as non-traditional risks including infectious diseases and terrorism.

The ICRM, supported by the finance, insurance and reinsurance industry, will develop models and tools to allow governments and the industry to analyze potential losses and develop risk- management strategies. Decision-makers worldwide and Asia in particular will be able to use such tools to identify vulnerabilities, prepare for a range of possibilities and allocate resources.

Heng Swee Keat, Managing Director of the Monetary Authority of Singapore said, "Managing catastrophe risks will become more challenging and more important in the coming years for the Asian region."

"The ICRM can be a depository of data and knowledge on catastrophe risk management in Asia and be a focal point for regional collaboration and public-private partnerships," he added.