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A new study by Lloyd’s of London puts $4.56 trillion of gross domestic product at risk from 18 perils in 301 cities around the world.
Released Tuesday, the Lloyd’s City Risk Index breaks out by city the amount of GDP at risk from perils including cyber attack, drought, earthquake and flood.
The total of $4.56 trillion in GDP is broken out by city, with Taipei, Taiwan, at the top with $181.20 billion in GDP at collective risk, Tokyo second at $153.28, Seoul, South Korea, third at $103.50 billion, and Manila, Philippines, fourth at $101.09 billion, according to Lloyd’s figures. New York ranks fifth with $90.36 billion at risk,
City values vary by peril. For example, for earthquake, Lima, Peru, has the most GDP at risk at $35.53 billion, representing 51.22% of its total $69.36 billion of GDP at risk. A total of $464.75 billion in GDP is at risk for earthquake in the 301 cities in the study.
In contrast, Tokyo tops the flood peril list at $17.65 billion of GDP at risk, 11.51% of the city’s total of $153.28 billion at risk. The GDP at risk in all cities for flood is $432.01 billion, according to the index.
Pricing for trade credit and political risk insurance is softer now than in recent years due mainly to increased capacity and a favorable loss history despite the world growing more dangerous.