Weather related insurance losses in Eastern Asia have increased by a factor of four since the early eighties.
This has resulted in losses of $700 billion during the period. Insured losses make up $76 billion, or just ten percent of this total. Of these insurable losses, 62% are attributable to Japan.
The findings were published in a Munich Re study which looked at severe weather events in Eastern Asia. The report focused on China, Japan, South Korea, Vietnam, Indonesia, Taiwan, the Philippines and Thailand.
Flooding caused over half of these losses, but only a third were insured. The number of floods has increased dramatically in the period studied in the report, and it is expected to increase further in the decades ahead.
The study was commissioned by Munich Re to benefit its clients carrying out weather-related business as well as the general public in the areas covered by the study.
A full copy of the report can be found here
