Asia-Pacific lost nearly $38bn as a result of natural catastrophes last year – but across the region, underinsurance and complacency are making matters worse.
In October alone, South Korea and the Philippines were struck by super typhoons, North Korea was inundated with devastating floods and Japanese authorities issued alerts as Mount Aso volcano rumbled to life.
Then in November, New Zealand and Japan were hit by major earthquakes, reminding both of similar, devastating events in 2011.
What all this shows is that Asia-Pacific continues to find itself in a pattern of regular natural catastrophes.
The statistics back this up.
Last year, there were 198 natural catastrophes – the highest number in one year, according to Swiss Re’s sigma records.
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