为亚洲高增长市场的洪水风险投保

The Geneva Associationthe Geneva Association is the leading international insurance think tank for strategically important insurance and riskthe Geneva Association identifies fundamental trends and strategic issues where insurance plays a substantial role or whichinfluence the insurance sector.through the development of research programmes, regular publications and the organisationof international meetings,the Geneva Association serves as a catalyst for progress in the understanding of risk and insurancematters and acts as an information creator and disseminator. It is the leading voice of the largest insurance groups worldwidein the dialogue with international institutions. In parallel, it advances—in economic and cultural terms—the development andapplication of risk management and the understanding of uncertainty in the modern economy.the Geneva Association membership comprises a statutory maximum of 90 chief executive officers (ceos) from the world’stop insurance and reinsurance companies. It organises international expert networks and manages discussion platforms forsenior insurance executives and specialists as well as policy-makers, regulators and multilateral organisations.the GenevaAssociation’s annual General Assembly is the most prestigious gathering of leading insuranceceos worldwide.established in 1973,the Geneva Association, officially the “International Association for thestudy of Insuranceeconomics”,has offices in Zurich,switzerland and is a non-profit organisation funded by its members. management issues. www.genevaassociation.org@TheGenevaAssocInsuring Flood Risk in Asia’sHigh-Growth MarketsA GenevAAssocIAtIonReseARcHRepoRtedited by Kai-Uwe Schanz, Special Advisor, The Geneva AssociationandShaun Wang, former Deputy Secretary General and Head of Research,The Geneva Association insuring flood risk in Asia’s high-Growth marketstalstrasse 70,cH-8001 Zurich |tel:+41 44 200 49 00 | Fax: +41 44 200 49 99secretariat@genevaassociation.org | www.genevaassociation.orgcover: Heavy flooding from monsoon rain and tide from sea insamutprakarn near Bangkok,november 2009, think4photop /p.14: ruchos/shutterstock.com ;p.21: zhangyang13576997233; p.22: Barnabychambers/shutterstock.com; p.23:chambers /shutterstock; p.27: chinahbzyg /shutterstock.com; p.42: xuanhuongho/shutterstock.com.Insuring Flood Risk in Asia’s High-Growth Marketspublished bythe Geneva Association (the International Association for thestudy of Insuranceeconomics), Zurich.the opinions expressed inthe Geneva Association newsletters and publications are the responsibility of the authors. We thereforedisclaim all liability and responsibility arising from such materials by any third parties.Download the electronic version from www.genevaassociation.org Photo credits:shutterstock.com.July 2015©the Geneva Association www.genevaassociation.orgCONTENTS5fOrEwOrd7mANAGEmENTSummAry9why flOOd riSk mATTErSTOASiAANdThEwOrld15GAuGiNGExpOSurES23why flOOdSArEmOrEdiffiCulTTOiNSurEThANOThErNATurAl pErilS27hOwTOAddrESSflOOd riSkSiNASiA27traditional insurance products34Insurance-based innovative solutions36public-private partnerships41pre-disaster risk mitigation43pOSSiblECONCluSiONS45AppENdix:ExAmplESOf dEvElOpEd-wOrld flOOd iNSurANCESChEmES47rEfErENCES insuring flood risk in Asia’s high-Growth marketsAcknowledgementsthis effort is part ofthe Geneva Association’s ‘protection gap’ Researchtopic, guided by Board members Inga Beale andMichel Liès.the authors would like to thanktrevor Maynard (Head ofexposure Management and Reinsurance, Lloyd’s),caspar Honegger (Head of Flood,swiss Re) and Anna Maria D’Hulster (secretary General ofthe Geneva Association) for theirhelpful comments. www.genevaassociation.orgfOrEwOrdInAsia, the insurance protection gap is yawning particularly widely. Less than 10percent of natural catastrophe losses in the region are covered by insurance, comparedwith more than 50 per cent in the U.s. Disaster coverage remains rudimentaryeven though Asia is heavily prone to natural catastrophes and accounts for theworld’s biggest share of economic losses from disasters. In addition, the regionexhibits the world’s fastest pace of asset and wealth accumulation, profoundsocio-economic changes (such as the rapid rise of megacities) and a particularexposure to climate risk, especially rising sea-levels.therefore, the growingprotection gap exposes businesses and individuals alike to devastating losseswhich ultimately could adversely impact Asia’s future economic and societaldevelopment.there is a clear need for bold and determined responses from boththe public and private sectors.Against this backdrop,the Geneva Association is publishing this report, focusingon flooding, arguably Asia’s biggest and most complex exposure in the long run.the study addresses the following key questions:1.What is the regional and global relevance of underinsured flood risks in Asia’shigh-growth markets?2.What are the specific root causes of the Asian flood insurance prote