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Pooled disaster insurance facility for APEC members proposed

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A pooled insurance facility to cover natural disasters has been proposed for the 21 member countries of the Asia-Pacific Economic Cooperation, reports Asia Insurance Review citing ABS-CBN.

Such an insurance facility would help the region because accessing insurance against calamities might be costly for a single nation, said Richard Poulter, a World Bank official. Member nations of APEC could pool their disaster risks and then access insurance collectively from an international insurance provider, added Mr. Poulter.

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