Underinsurance against climate change puts Asia's growth at risk

Singapore

THE increasingly devastating effects of climate change - seen in the wildfires across Australia and the severe floods in China - have driven home the point that the value of the assets at risk of damage is growing; there is also more complexity now around how damage is assessed and, correspondingly, how coverage is determined.

Particularly exposed to the negative effects of these is Asia, where there remains a yawning gap between insured losses and actual losses resulting from climate change.