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Insurance could cut cost of natural disaster recovery by $7 billion: RMS

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A report by U.S.-based catastrophe modeling firm Risk Management Solutions Inc. found that new types of insurance could cut the cost of natural disasters for poorer countries by nearly $7 billion, Daily News Analysis reported citing Reuters. The average cost of natural disasters to low income countries totaled more than $29 billion a year in the past 15 years, RMS said. Insurance paid for only 3% or $900 million of the average costs of earthquakes, drought or floods in 77 low and low-middle income countries, RMS added.

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