Environment Lukewarm catastrophe insurance segment By Vo Dinh Tri, MS (*) Sunday, Nov 29, 2020,10:36 (GMT+7) Lukewarm catastrophe insurance segmentBy Vo Dinh Tri, MS (*) The ancient town of Bao Vinh in Hue City inundated in a recent storm – PHOTO: HIEU TRUONG Each year, natural disasters cost Vietnam approximately 0.3-0.5% of her gross domestic product, which adversely affects socio-economic situation as well as national security. Yet the State’s budget stands out as the only financial source for disaster compensation, while risk-sharing prevention financial tools such as insurance have so far played an insignificant role. Vietnam is categorized as a nation facing high risk of natural calamities. In the first 10 months of 2020, preliminary statistics showed that property damages caused by natural disasters reached VND10 trillion, or some US$430 million. More disasters strike causing bigger devastating impacts Overall losses from world-wide natural catastrophes in the first half of 2020 totaled US$68 billion, in which US$27 billion in damages are insured losses, equivalent to 39.7% of the total losses, according to Munich Re, a reinsurance company. That means up to 60% of financial losses are not covered, or in other words, businesses or governments are to bear all damages. Those who opine that climate… Read full this story
- BSE - Ebix get in-principle nod from IRDAI to start insurance distribution
- A Very Weird Interaction With My Insurance Company
- The FinTech Revolution in Insurance
- Yacht Insurance by Colin Dawson, Part 1: Owners Pay the Price
- Global insurance plan aims to defuse potential climate damage 'bombshell'
- Why Geographic Segmentation Still Matters in 2019
- Zurich Insurance Group and CoverWallet Launch Online Platform for Small and Medium-Enterprise Insurance in Switzerland
- Big Companies Thought Insurance Covered a Cyberattack. They May Be Wrong.
- Banks, insurers boost bancassurance to get returns
- BSE gets IRDA nod to enter insurance distribution
Lukewarm catastrophe insurance segment have 304 words, post on english.thesaigontimes.vn at November 29, 2020. This is cached page on Talk Vietnam. If you want remove this page, please contact us.