UN warns of more destructive disasters in Asia

October 11 2017 by InsuranceAsia News Staff

The United Nations Economic and Social Commission for Asia and the Pacific (ESCAP) has warned that natural disasters in Asia-Pacific could become more destructive.

In a statement, ESCAP head Shamshad Akhtar urged countries in the region to fill gaps in their plans for dealing with disasters, including the introduction of an institutionalised insurance culture.

The report said Asia-Pacific, which is the world’s most disaster-prone region, saw floods, storms, and extreme temperatures that killed nearly 5,000 people and affected some 34.5 million last year.

Aside from the human costs, the UN agency said 40% of global economic losses from disasters would occur in Asia-Pacific until 2030.

The region’s largest economies, which include Japan and China, face the greatest potential economic losses from disasters, the report added.

However, poor and lower middle-income countries could suffer more deaths from disasters than richer Asian nations.

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