The year 2017 was another record-breaking year of insured losses, but Asia managed to catch some respite with economic and insured losses substantially lower than previous years. Allianz Re regional CEO Kenrick Law takes stock of Asia's performance last year as he outlines the trends potentially set to dominate the industry in 2018.
India's National Disaster Management Agency (NDMA) has announced plans to build a national disaster database by 2020, that will provide information such as economic losses, number of people affected and mortality rates in disasters.
China has made huge strides in disaster risk reduction following the devastating Sichuan earthquake ten years ago, with citizens including school children more protected and prepared than ever, according to the United Nations Office for Disaster Risk Reduction (UNISDR).
The Turkish Catastrophe Insurance Pool (TCIP) is updating earthquake maps, the outcome of which will affect compulsory earthquake insurance tariffs, says the organisation's president Mr Murat Kayaci.
The Philippines is keen on the idea of joining a regional insurance pool to hedge against disasters in ASEAN.
The United Nations development arm in Asia-Pacific called for greater innovation in disaster risk financing, warning that economic losses to disasters in the region could exceed $160bn annually by 2030.
Japan is spearheading a new risk initiative aimed at mitigating the destabilising effects of natural disasters in the region. The Southeast Asia Disaster Risk Insurance Facility is expected to be announced in May at the Asian Development Bank board of governors' annual meeting, according to the Nikkei Asian Review.
Japan will work with Southeast Asian nations like Laos and Myanmar to provide immediate financing after natural disasters so that recovery funds can be quickly distributed. Operations are slated to begin in 2019.
Rare heavy rainfall hit the Egyptian capital and other parts of the country last week, flooding streets, submerging cars and damaging property.