CyberCube is proud to be sponsoring Equip Global's 7th Catastrophe Insurance & Risk Management Summit this year.
Against the backdrop of the COVID 19 Pandemic, it is clear that there’s a huge pandemic protection gap that needs to be filled. As such the development of the Pandemic Insurance Portfolio and Product Offerings is now at top of all insurers, reinsurers and government think tanks’ minds. Additionally, the industry is experiencing falling investment returns for insurers, increased frequency and severity of catastrophes, and high regulatory intervention and governmental pressures which is against the interests of insurers. These, coupled with the effects of the pandemic has resulted in higher preliminary estimates that reflect global economic losses from natural catastrophes and man-made disasters in the first half of 2020 standing at USD $75 billion, and that is excluding COVID-19 related claims. USD $31 billion, making about 40% of such claims, were covered by insurance. Whilst navigating challenges posed the limited data, knowledge and uncertainty around pandemic insurance, catastrophe insurers will need to continue to develop effective product, underwriting and risk management strategies to manage the likes of natural catastrophes such as floods and typhoons as well as secondary perils such as wildfires.
The emergence of alternative risk financing options such as catastrophe bonds and insurance linked securities to hedge against pay-outs linked to catastrophes have also impacted insurers, reinsurers, brokers, CAT modellers and developers, actuaries and the government sector and it’s important the industry raises its knowledge in this area and understand how they can tap on this massive opportunity.
Finally, Risk management & Modelling continues to cause high level of uncertainty as the region faces rapid increase in exposure concentrations, poor data quality, pricing and relatively short insured loss history.
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