Global broker and advisory firm Gallagher Re has partnered with the Nanyang Technological University (NTU) in Singapore to co-fund three PhD scholars researching Asia’s most urgent natural catastrophe risks.
In a press release on Tuesday, 4 November, the reinsurer stated that the studies will examine issues such as cyclone and tsunami risk, remote sensing for disaster response, and advanced flood modelling for Asian cities. The initiative was launched with NTU’s Asian School of the Environment (ASE) and the Earth Observatory of Singapore (EOS).
Hui Yen Tai, Regional Director of Southeast Asia, Korea, and Taiwan at Gallagher Re, stated this new agreement underscores the broker’s commitment to capacity-building in regions vulnerable to natural hazards.
“Outputs from the Gallagher Re Asia Hazards Program will support new, innovative property catastrophe insights that deepen understanding of risks across Asia, inform more effective disaster preparedness strategies, and support improved (re)insurance decision-making,” Hui said.
According to Gallagher Re, this move aims to “narrow the insurance protection gap” across the region through scientific risk assessment, pricing, and resilience pricing.
Asia is currently lagging behind global peers in insurance protection, with only 12% of economic losses covered despite heightened exposure to natural catastrophes from 2020 to 2024, based on Verisk’s report last September.
In Q3, global insured losses have reached less US$15bn, which is the lowest third-quarter total since 2016. Meanwhile, year-to-date insured losses stood at about US$105bn, compared to economic losses of US$214bn, according to Gallagher Re’s October estimates.
