ARPC chief executive says changes reinforce the Government’s commitment to "protecting the economy, the domestic insurance industry and policyholders from potential impacts of terrorism."
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.
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.
The initiative will co-fund PhD scholars whose research focuses on cyclone and tsunami risk, advanced flood modelling, and remote sensing for disaster response.
