Natural disasters to cause $160 billion in mostly uninsured losses annually: UN
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The United Nations said that natural disasters are likely to cause $160 billion in economic losses per year by 2030 in the Asia Pacific region, with only 8% of the losses currently covered by insurance, Artemis.bm reports. Shamshad Akhtar, executive secretary of the UN Economic and Social Commission for Asia and the Pacific, called for financial alternatives such as catastrophe risk modeling, parametric insurance and a mix of traditional and global reinsurance to address the protection gap.
