Cat bonds can meet Silk Road need: PhoenixCRetro

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There is a potentially big opportunity for the insurance-linked securities (ILS) markets to develop parametric cat bonds that could cover some of the growing risks in Eastern Europe and Western areas of Asia, according to Kirill Savrassov, chief executive of PhoenixCRetro.

Savrassov told Monte Carlo Today that for a wide range of historical reasons insurance penetration remains very low in various countries of the former Soviet Union, as well as Turkey and parts of former Yugoslavia. Those areas are highly vulnerable to earthquakes, such as the ones that devastated Armenia and Tashkent over the past 50 years.

Savrassov pointed out that a huge amount of investment is being poured into the region by the Chinese government, which is seeking to expand its economic footprint with its Belt and Road Initiative, an economic project to essentially recreate the ancient Silk Road that linked Europe to Asia.

Gradual pick-up of ILS transactions expected in Asia: Fitch

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Insurance-linked securities (ILS) and catastrophe bond activity is expected to gradually accelerate in the Asia region, providing investor interest in the ILS asset class remains strong, according to Fitch Ratings.

While insurance-linked securities (ILS) and collateralized forms of reinsurance in general are familiar concepts in North America and Europe, there has still been relatively limited activity in Asia by comparison, although the understanding of the alternatives available is increasing all the time.

Reinsurance capacity and pricing remains largely stable across Asia, according to Fitch, outside of certain loss affected pockets, with access to the capital markets helping to increase stability.

 

Asian Development Bank launches contingent disaster risk financing solution

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The Asian Development Bank (ADB) has launched a new contingent natural disaster risk financing solution which it has named contingent disaster financing (CDF), as it seeks to deliver rapid paying risk capacity for its members after they experience significant natural catastrophe events.

Contingent disaster financing (CDF) is a mechanism by which funding can be released quickly to ADB members in support of their budgets after disaster strikes.

It’s designed to ensure they can recover better, without having to take financing from their broader budgets

Утверждена стратегия по снижению риска стихийных бедствий

ОРИГИНАЛЬНАЯ ПУБЛИКАЦИЯ ЗДЕСЬ

Кабмин утвердил стратегию по снижению риска бедствий в Узбекистане, главная цель которой — защита населения и территорий от чрезвычайных ситуаций.

Кабинет Министров 12 апреля утвердил стратегию достижения целей «Сендайской рамочной программы по снижению риска бедствий на 2015−2030 годы» и национальный план по ее реализации, сообщила Norma.uz.

Цель стратегии — повышение эффективности реформ в сфере комплексной защиты населения и территорий от бедствий и существенное сокращение к 2030 году числа погибших и пострадавших, а также прямого экономического ущерба в результате бедствий.

Asian governments encouraged to use more risk transfer by ADB

ORIGINAL PUBLICATION HERE

Disaster risks and costs are on the rise in Asia, a region where under-insurance is still the norm and spending by government’s on contingent sources of disaster risk financing relatively scarce, leading the Asian Development Bank (ADB) to call for more to be done.

Among the issues cited as requiring more focus, the use of insurance, reinsurance and alternative forms of risk transfer, in terms of protection directly for the people threatened by disasters as well as for governments and corporations, is seen as key to the ability of the Asia region to increase its resilience to natural catastrophes, severe weather and climate related risks.

“Four out of every five people affected by natural hazards live in Asia,” explained ADB Chief Economist Yasuyuki Sawada. “Asia has led the way on disaster risk reduction efforts in recent years, but more action is needed to tackle both vulnerability and responses at the national and the community level.”

Asia faces an environment where climate change, rapid urbanisation and rising values-at-risk are resulting in increasing exposure levels.

Asian governments encouraged to use more risk transfer by ADB

ORIGINAL PUBLICATION HERE

Disaster risks and costs are on the rise in Asia, a region where under-insurance is still the norm and spending by government’s on contingent sources of disaster risk financing relatively scarce, leading the Asian Development Bank (ADB) to call for more to be done.

Among the issues cited as requiring more focus, the use of insurance, reinsurance and alternative forms of risk transfer, in terms of protection directly for the people threatened by disasters as well as for governments and corporations, is seen as key to the ability of the Asia region to increase its resilience to natural catastrophes, severe weather and climate related risks.

“Four out of every five people affected by natural hazards live in Asia,” explained ADB Chief Economist Yasuyuki Sawada. “Asia has led the way on disaster risk reduction efforts in recent years, but more action is needed to tackle both vulnerability and responses at the national and the community level.”

Asia faces an environment where climate change, rapid urbanisation and rising values-at-risk are resulting in increasing exposure levels.

ADB, UNDP Renew Agreement to Accelerate Progress Towards Sustainable Development

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WASHINGTON, DC, UNITED STATES (12 April 2019) — The Asian Development Bank (ADB) and United Nations Development Programme (UNDP) signed a 5-year memorandum of understanding (MOU) today to accelerate progress towards sustainable development in Asia and the Pacific

The MOU was signed by ADB President Mr. Takehiko Nakao and UNDP Administrator Mr. Achim Steiner in Washington, DC. The agreement builds on an ongoing partnership between ADB and UNDP and sets the stage for greater collaboration at the country and regional levels, and stronger cooperation in accelerating progress towards the Sustainable Development Goals (SDGs) in Asia and the Pacific.“ADB and UNDP have had a long-standing and productive partnership to support development progress in Asia and the Pacific,” said Mr. Nakao. “UNDP’s support to countries on policy dialogue and technical capacity building can complement ADB’s project implementation. Through the MOU, we will work together to realize a prosperous, inclusive, resilient, and sustainable Asia and the Pacific.”

ADB, UNDP renew agreement to accelerate progress towards sustainable development

ORIGINAL PUBLICATION HERE

WASHINGTON, DC — The Asian Development Bank (ADB) and United Nations Development Programme (UNDP) signed a five-year memorandum of understanding (MOU) today to accelerate progress towards sustainable development in Asia and the Pacific.

The MOU was signed by ADB President Mr. Takehiko Nakao and UNDP Administrator Mr. Achim Steiner in Washington, DC. The agreement builds on an ongoing partnership between ADB and UNDP and sets the stage for greater collaboration at the country and regional levels, and stronger cooperation in accelerating progress towards the Sustainable Development Goals (SDGs) in Asia and the Pacific.

“ADB and UNDP have had a long-standing and productive partnership to support development progress in Asia and the Pacific,” said Mr. Nakao. “UNDP’s support to countries on policy dialogue and technical capacity building can complement ADB’s project implementation. Through the MOU, we will work together to realize a prosperous, inclusive, resilient, and sustainable Asia and the Pacific.”

Asia “urgently” needs to improve disaster resilience, says Development Bank

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Developing Asia “urgently” needs to build more resilience to natural catastrophes through better planning, setting aside government budget, and encouraging insurance, according to new research by the Asian Development Bank (ADB).

A mere 8% of Asia’s catastrophe losses since 1980 have been covered be re/insurance, the ADB noted in its economic publication, the Asian Development Outlook (ADO) 2019.

This is despite rapid urbanisation in many regions and the threat of increasing catastrophes due to climate change, alongside the fact that Asia is already disproportionately impacted by natural disasters.

“Four out of every five people affected by natural hazards live in Asia,” said ADB Chief Economist Mr. Yasuyuki Sawada.

亚行研究:亚洲须优先发展抗灾能力,应对不断增长的风险

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中国香港(2019年4月3日讯)— 亚洲开发银行(亚行)年度经济旗舰报告《2019年亚洲发展展望》表明,亚洲地区面临的灾害风险不断增加,亚洲发展中国家急需建立应对机制,在灾害发生前通过完善规划、制定政府预算并鼓励保险投入,增强应对能力。

亚行首席经济学家泽田康幸(Yasuyuki Sawada)先生表示,“每五个受自然灾害影响的人中有四个生活在亚洲。虽然近年来亚洲率先减少灾害风险,但仍需采取更多行动,从而在国家和社区层面着手解决脆弱性问题并制定应对措施。”

灾害通常更容易对贫困和边缘家庭、小企业以及太平洋岛国等小而偏远的国家造成重大影响。尽管气候变化加剧了自然灾害,快速城镇化也使风险不断增加,但自1980年以来,亚洲地区仅有8%的自然灾害获得了保险赔偿。