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Asia-Pacific needs more insurance against natural catastrophes: Asian Development Bank

April 23, 2014 - 6:00am

The Asian Development Bank has said the Asia-Pacific region has to improve its insurance to tackle the huge toll of floods, droughts and other natural catastrophes, Asia Insurance Review reported.

The bank warned that the region is more at risk to natural disasters compared with the other places across the globe, with financial costs amounting to around $53 billion annually over the past 20 years.

Just 7.6% of those losses were insured in 2013.

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