Monday, August 21, 2017

New products needed to close protection gap, says MAS

New forms of insurance products and solutions will help reduce the financial impact of natural disasters in Asia, according to the Monetary Authority of Singapore (MAS) managing director Ravi Menon.

In a speech at the Institute of Catastrophe Risk Management Symposium in Singapore, Menon said insurance protection against natural catastrophes had not kept pace with economic development in the region, noting that less than 5% of the economic losses from natural disasters in developing Asia were insured.

He called for product innovation in the form of new insurance products and solutions, such as index-based and parametric insurance.

Menon also called for the use of research and development to close the natural catastrophe protection gap.

He also urged for improved access by insurers to an integrated ASEAN market.

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