Countries still not insuring enough against natural disasters: Munich Re

THE havoc wreaked by climate change continues to escalate; but, adding to the devastation is that nations around the world - Asia, in particular - are under-insuring themselves against such damage.

According to global insurer Munich Re's 2021 Nat Cat report, natural disasters across the globe caused substantially higher losses in 2021 than in the two previous years.

Based on provisional data, storms, floods, wildfires and earthquakes destroyed assets worth US$280 billion last year, compared to losses of US$210 billion in 2020, and losses of US$166 billion in 2019.