A lack of insurance coverage in Southeast Asia threatens an increasingly important hub for supply chains, as the region is battered by tropical storms, major flooding, and other natural disasters.
Total losses from natural disasters across Asia-Pacific last year totaled $73 billion, yet just $9 billion was insured, according to Germany reinsurance company Munich Re. That makes Asia one of the world’s least insured regions against natural disasters. (By comparison, 70% of North America’s disaster losses of $133 billion were recouped.)
