20th Asia NAT CAT and Climate Change Summit 2024

10-11 Jul 2024, Fairmont Makati, Philippines

Theme: "Forging Resilience: Building a Future-Proof Insurance Industry in the Face of Nat Cat Threats"

Natural catastrophes (Nat Cats) present formidable challenges for the global insurance industry. Ranging from hurricanes and earthquakes to floods and wildfires, these events not only result in substantial financial losses but also put insurers' resilience and adaptability to the test.

In 2023, global insured losses from natural catastrophes surged to an estimated $123 billion, marking the fourth consecutive year exceeding the $100 billion threshold as per a report by Gallaghar Re. Within the Asia Pacific region alone, natural catastrophes caused a staggering $65 billion in economic losses, with a staggering 91% of these losses going uninsured (cited by Aon plc)

The economic toll in Asia Pacific, largely driven by floods in China and drought in India, reached $65 billion – a figure 48% lower than the 21st-century average. Alarmingly, just 9% of these economic losses, totaling $6 billion, were covered by insurance, falling short of the 21st-century average of $15 billion. (cited by Aon plc)

Climate change is directly impacting four of the top ten risks faced by businesses, including business interruption, rapidly changing market trends, supply/chain distribution failure, and regulatory or legislative changes.

As climate-related extreme weather events continue to break records, businesses are increasingly tasked with quantifying and addressing the direct and indirect impacts of climate risk.

To navigate these challenges effectively, businesses must harness advanced analytics and expertise to analyze climate trends comprehensively, enabling informed decision-making to mitigate risks and enhance the resilience of their operations, workforces, and the communities they serve.

The region's vulnerability to disasters is further compounded by the lack of insurance coverage, amplifying business risks manifold. As climate patterns evolve, previously unaffected areas are now vulnerable to natural hazards, leaving communities ill-prepared and inadequately protected by insurance.

Bridging this protection gap presents a dual challenge and opportunity for the Asia Pacific region. Addressing this gap requires the adoption of sophisticated climate modelling and risk assessment tools, facilitating proactive disaster preparedness, strategic planning, and ultimately, fortifying resilience to safeguard lives and assets.

As climate change continues to fuel an increase in both frequency and severity of natural disasters, insurers must innovate and adapt to protect clients, manage financial exposure, and ensure industry sustainability.

 This event brings together experts, policymakers, and industry leaders to share insights and best practices for anticipating and mitigating nat cat risks. Through discussions on advanced risk modeling, innovative policy solutions, and resilient infrastructure planning, participants will gain strategies to strengthen their organizations and offer comprehensive coverage in an uncertain world. By fostering collaboration and knowledge sharing, this conference sets the stage for a stronger, more adaptable insurance industry equipped to face the challenges of tomorrow.

Asia Insurance Review is pleased to bring the 20th Asia NAT CAT and Climate Change Summit 2024 where professionals will be gathering to explore innovative strategies, share insights, and foster collaboration in managing and mitigating the impact of these disasters and charting a resilient future.

This event brings together experts, policymakers, and industry leaders to share insights and best practices for anticipating and mitigating nat cat risks. Through discussions on advanced risk modeling, innovative policy solutions, and resilient infrastructure planning, participants will gain strategies to strengthen their organizations and offer comprehensive coverage in an uncertain world.

By harnessing the collective expertise of industry leaders, policymakers, and experts, attendees will be better equipped to navigate the complex challenges posed by natural disasters and contribute to building a more resilient insurance industry and society as a whole.

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