Environment Lukewarm catastrophe insurance segment By Vo Dinh Tri, MS (*) Sunday, Nov 29, 2020,10:36 (GMT+7) Lukewarm catastrophe insurance segmentBy Vo Dinh Tri, MS (*) The ancient town of Bao Vinh in Hue City inundated in a recent storm – PHOTO: HIEU TRUONG Each year, natural disasters cost Vietnam approximately 0.3-0.5% of her gross domestic product, which adversely affects socio-economic situation as well as national security. Yet the State’s budget stands out as the only financial source for disaster compensation, while risk-sharing prevention financial tools such as insurance have so far played an insignificant role. Vietnam is categorized as a nation facing high risk of natural calamities. In the first 10 months of 2020, preliminary statistics showed that property damages caused by natural disasters reached VND10 trillion, or some US$430 million. More disasters strike causing bigger devastating impacts Overall losses from world-wide natural catastrophes in the first half of 2020 totaled US$68 billion, in which US$27 billion in damages are insured losses, equivalent to 39.7% of the total losses, according to Munich Re, a reinsurance company. That means up to 60% of financial losses are not covered, or in other words, businesses or governments are to bear all damages. Those who opine that climate… Read full this story
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