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Markus Moravek, an official at risk modeling firm Risk Management Solutions Inc., has said that economic exposure to natural catastrophes in Asia "is outpacing insurance uptake, resulting in a growing gap in financial disaster readiness," Asia Insurance Review reported.
The location of several industrial sites in the region creates major concentration of risks from natural catastrophes, A.M. Best Co. Inc. said, citing RMS. A recent study by Swiss Re Ltd. has found that Asia suffered losses of $52 billion in 2014 from natural catastrophes and man-made disasters.