Munich Re Developing Cover for New Risks – While Hurricane Harvey Highlights
While the demands placed on insurers are changing rapidly, their fundamental role remains the same - namely to secure value in order to promote prosperity and preserve livelihoods. New technologies are giving rise to novel opportunities to do just that. Alongside loss indemnification itself, the importance of loss mitigation and avoidance is increasing.
Yet natural catastrophe losses remain largely uninsured worldwide - even in highly developed markets. Although we do not know the exact level of losses from Harvey and the severe monsoon flooding in
In addition to purely commercial cover from the insurance industry, there are also some good examples of public-private partnerships. Notable examples include Flood Re, the state-run insurance pool for flood risks in the
Epidemics are another major risk that threatens not only lives but also whole economies. The Ebola epidemic in
Governments are increasingly utilising the competence and financial strength of the insurance industry in order to provide urgent assistance after a major loss event. Jeworrek said: "Weaker economies in particular keep suffering natural catastrophes and other major loss events that set back their economic development for years. Governments and private industry need to work together to find solutions to reduce risk and strengthen the basis for prosperity in these countries."
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