Climate risks and rising costs are widening protection gaps across Asia's insurance market, driving companies to captives and self-insurance and posing a challenge for insurers.
China captured the largest share of global cargo premiums and the second-largest in hull, lifting Asia-Pacific’s combined marine premiums to nearly one-third of the global total.
The initiative seeks to build disaster-risk financing into development planning, enabling quicker fiscal response and reducing recovery costs for governments.
(Re)insurers face interconnected risks from climate change, geoeconomic fragmentation, demographic shifts and digital transformation that require new approaches, say experts at SIRC.
