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Member, Beacon International Group, Ltd.
Executives at a recent conference have called on the South Asian insurance industry and regulators to work together to mitigate losses caused by natural disasters and promote disaster management, saying that the devastating 2015 earthquake in Nepal was a wake-up call for the sector.
An official at Nepal's National Society for Earthquake Technology said that more than 95% deaths from the quake occurred due to collapsed buildings, reports Asia Insurance Review. He also called on builders and regulators to “improve building construction practices and set in place building codes and standard building practices.”