Trade finance news

Insurers warn of climate change impact in India

Last Updated April 11, 2008

The effects of climate change have already begun to increase the number of insured losses in the emerging markets such as India, according to reinsurer Munich Re.

"Climate change presents a particular challenge to fast-growing emerging countries like India. In conjunction with greater prosperity and the effects of climate change, there is a distinct increase in losses,” comments Torsten Jeworrek from Munich Re's board of management.

He adds: "For this reason, our geo-risk researchers undertake intensive examinations of the changing risk situation in countries like India. We use this special know-how to ensure our underwriting is based on risk-adequate prices, terms and conditions and also make it available to our clients as a service."

The insurer has released its annual review, Topics Geo - Natural Catastrophes 2007, which highlights problems such as the increasingly intense monsoon rainfall in India, which is being linked to global warming.

At the same India's economy is rapidly growing, leading to increased demand for insurance and higher concentrations of values, particularly in exposed regions like Mumbai. This has resulted in increased insured losses. Annual losses between 1980 and 2004 averaged no more than US$5mn, but in 2006 losses exceeded US$400mn.

Munich Re's research noted that natural catastrophes in 2007 were within the range expected and mirrors trends in recent years. Overall global losses came to US$82bn, of which nearly US$30bn was carried by the insurance industry. Losses were far higher than the previous year, but 2006 figures were exceptionally low.



Share This

Share |

Reader Comments

Add your comment

 
Email Icon
Follow Us on Twitter
Follow GT Review on
Twitter for the latest updates

twitter.com/gtreview
Russia
Moscow - February 7, 2012 
United Arab Emirates
Dubai - February 14-15, 2012 
India
Mumbai - February 23, 2012 
South Africa
Cape Town - March 8-9, 2012 
Turkey
Istanbul - March 22-23, 2012 
Brazil
Sao Paulo - April 23-24, 2012 
Kenya
Nairobi - 22 May, 2012 
Lebanon
Beirut - 6 June, 2012 
United States
New York - 12 June, 2012 
The Netherlands
Amsterdam - 18-19 June, 2012 

Banks are jostling for a stake in South Africa’s promising renewable energy sector. Will this be the next best thing for the project finance market, asks GTR deputy editor Shannon Manders?

GTR will host its annual Awards Dinner at The Brewery in London on May 2, 2012

GTR Awards Dinner

GTR's Middle East and North Africa Leaders in Trade 2011 online poll is now open.

GTR MENA LEADERS IN TRADE AWARDS 2011

The results of GTR's Best Deals 2011 have now been announced.
 

The 2011/12 Directory is out now. Click to order your copy.

GTR Directory 2011/12

Latest Conference Highlights


emeafinance, the complete information source for the finance industry in the EMEA region.

EMEA