Menu

Reinsurance News

Public-private action key to nat cat resilience in Asia: Swiss Re’s Higginbotham

28th October 2019 - Author: Charlie Wood

Russell Higginbotham, The Chief Executive Officer for Swiss Re’s reinsurance operations in Asia, has highlighted the region’s susceptibility to natural catastrophes as an issue that demands increased resiliency measures from re/insurance players and governmental bodies alike.

russell-higginbotham-swiss-reAsia accounted for 41% of the $222 billion global natural catastrophe protection gap in 2018, Higginbotham points out. In emerging Asia, the gap is almost 358% of the region’s property premiums.

While there remains work to be done on closing this gap, he adds that efforts must be made to create more resilient societies, where better planning and building standards help to mitigate risk as much as possible.

“This is also where strong and planned disaster recovery systems are in place to reduce losses and get lives and businesses back to normal as soon as possible,” Higginbotham explains.

Technology will also play a vital role, the CEO says, and already enables regionalised models that help assess risk precisely and in real time. Furthermore, satellite imagery and cutting-edge algorithms make flood modelling a precise science.

Higginbotham concludes by emphasising the need for collaboration between insurers, their reinsurance partners, and the public sector, to make Asia, and the world more broadly, a more resilient place to live, grow and thrive.

“There is a real opportunity here to nurture accessible and dependable insurance through cooperation and partnerships, in a time when natural disasters are increasingly impinging upon our present and future.”

Print Friendly, PDF & Email

Recent Reinsurance News

Getting your daily reinsurance news from Reinsurance News is a simple way to receive only the reinsurance industry news that matters, delivered directly to your email inbox.

  • Only email is mandatory, but the more you tell us about yourself the better we can serve you in future!
  • This field is for validation purposes and should be left unchanged.

By submitting the form you are giving your consent to be emailed by us.

Read previous post:
Reduced cat losses lift Mercury General results in Q3

Mercury General has recorded an 18.3% increase in net income during the third quarter of 2019, helped by significantly lower...

Close