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Every year natural and man-made catastrophes cause a distressing loss of lives and considerable economic costs around the world. Both industrialised and developing countries are affected, and surprisingly, both are also materially underinsured. This is the 3rd edition of a Closing the Protection Gap – Smart solutions for the public sector, which outlines various insurance based tools and approaches proven to help governments, regions and cities, and the constituents they represent, to become more resilient.
Most Kenyans live in rural areas and depend on small livestock herds to make a living and feed their families. The increasing frequency of drought through climate change is an existential threat. Insurance could be the answer. But how can you reach communities that have never seen an insurance agent?
Since 1980, nine countries in Central America and the Caribbean have had at least half of their annual gross domestic product (GDP) wiped out by a natural catastrophe. The 2010 earthquake in Haiti had an estimated impact of 120% of GDP.
Some of the world's worst flooding takes place in Bangladesh. Prolonged and heavy rainfall creates floods that destroy lives, crush homes and wash away crops. Affected families often have to cope by taking out expensive loans or selling essential assets.
With 65% of the workforce employed in agriculture, millions of people living in sub-Saharan Africa depend on farming not only for food, but also for incomes and livelihoods. Without enough rain to feed the land, the effects can be devastating.
Swiss Re China delivers first low temperature weather index insurance (WII) programme for cotton. The scheme solves the problem of reduced crop yields from cold weather not addressed by traditional multi-peril agriculture insurance (MPAI) products.
Mexico has been hit by no less than six major catastrophes since 1985. In 2005 Hurricane Wilma caused total economic damages of over USD 22 billion ‒ more than USD 8 billion of which were uninsured. Small wonder that the federal government has been an innovator in disaster risk management.
Uruguay is fortunate to have four river basins within its borders, two of which feed its hydroelectric plants. Hydropower can supply up to 90% of the country‘s electricity demand in a humid year. A dry year, however, can be costly.
Solar Panel Code of Practice: International guideline on the risk management and sustainability of solar panel warranty insurance
Few industries provide 25-year warranties such as the Solar PV (Photovoltaic) industry does. In the electronics industry, the warranty is usually 1–2 years, for automobiles it is 3–5 years, and even for the building industry the “very long” warranty is seldom longer than 15 years.
Eastern Europe: Sovereign insurance – Creating financial resilience against the growing burden of natural disasters
Climate change, natural disasters and cyber attacks are some of the most acute risks keeping both citizens and political leaders awake at night. Furthermore, the public expects their chosen representatives to take swift and effective action. Find out more about how governments and insurance can collaborate to reduce long lasting impacts on the economy in this new Swiss Re publication.
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(Swiss Re Institute) Risk Dialogue Magazine
The Risk Dialogue Magazine is a newsletter exploring future risk topics, featuring multimedia articles from the Swiss Re Institute's events and insights from our global network of experts.
Our sigma publication series provides comprehensive information on the international insurance markets and analyses of economic trends and strategic issues in re/insurance and financial services.
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Our publications share our expertise on issues of concern to our clients, the re/insurance industry and society - from food, health, longevity and financial security to managing climate and natural disaster risk.