Wednesday, September 20, 2017

Australia pushes for regional calamity risk cover

The insurance sector in Australia and its federal government are looking at reaching to other Asia-Pacific countries to introduce insurance against the effects of natural disasters.

A spokeswoman for foreign minister Julie Bishop, who oversees Australia’s aid program, said they are identifying areas where the Australian aid program may be able to encourage access to and adoption of affordable disaster risk insurance.

Back in April, the World Bank and the UN launched the Insurance Development Forum (IDF) in a bid to extend insurance to governments in developing countries so that they can readily respond to disasters.

In the absence of such insurance, the response is often haphazard and slow.

Initially, though, there had been no contact with the IDF and the aid program was focusing on a pilot scheme to extend low-cost life insurance to employees of small and medium-sized enterprises.

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