The race to insure Southeast Asia against climate risk

Eco-Business Podcast

Heat, storms, floods, fires – Asia is highly vulnerable to climate risk, but massively underinsured against it. This trend is putting the wallets and livelihoods of billions in jeopardy. Data by global insurer Munich Re last month showed that the region was once again poorly indemnified in 2023, with only 14 per cent of US$50 billion of damages recovered. Joining the Eco-Business Podcast to examine the factors holding Asia back on climate insurance are Dr Jack Xia, chief actuary of Singapore-based insurer Igloo, which offers an automated “Weather Index insurance” for farmers in Vietnam, and Dr Christopher Au, head of risk advisory and insurance firm WTW’s Asia Pacific Climate Risk Centre. Tune in as we discuss: - The reasons Southeast Asia is underinsured against growing extreme weather risks - How insurers can strike a balance between keeping premiums affordable and ensuring business continuity - The risk of uninsurable climate risks in the region - The role of government and blended finance models - What climate insurance could look like in the future