Exploration deal with disaster risk transfer risk and Enterprise Innovation

Japan earthquake reinsurance market is in a dilemma. Because when the earthquake is at a renewal period, this period, the insurance company will remain part of policy, part then ceded to reinsurers, and when the earthquake happened, renewal hasn't begun. "Yesterday, the Nineth Asian catastrophe insurance Conference held in Beijing, which was to" new trend of response to the catastrophe in Asia "as its theme, attracted the participation of a wide variety of international insurers. Including New Zealand earthquake, Japan earthquakes, Australia flood, successive catastrophe profoundly influence the global economy, it had to make the insurance industry began to reconsider the countermeasures to be taken. Industry experts point out that, at present, the global risk of merchants are seeking new forms of risk transfer, including catastrophe model of adjustment. Recommended reading insurance weekly: increased warehouse investment over 30,000,000,004 months insurance funded deposits moved near billions of cast even insurance May then case Waterloo income differentiation country life cast even insurance success escape top 5 name foreign executives joined China peace Qian May Beijing insurance intermediary was penalty million history with shares mass insurance holding 20% Qiming: shocks city in the how mining Daniel unit AonBenfield (Yi An Ben Fu) Asia-Pacific region consultations Minister StephenWarwick on global giant disaster insurance of trend for has analysis. He pointed out that due to insufficient volume of premiums to offset the risks faced, so minimum rates are rising, catastrophe models also received a higher degree of awareness of the importance of, in particular the problem of earthquake frequency, lot of catastrophe models underestimate this point in the past, regulators have also questioned whether the existing models for future unforeseen risks. In addition, he pointed out that the destruction of buildings, infrastructure losses, should also be covered. This reporter learned that, catastrophe insurance models used to assess the potential for high risks, financial loss, to help insurance companies develop business, purchase the appropriate reinsurance services. Catastrophe insurance models related to meteorology, seismology, hydrology, computer engineering, finance, etc. After the 2008 Wenchuan earthquake in China, regulators have also worked with AIR global company research on data model of catastrophe risk in China, is regrettable, has for the past 3 years time, establishment of catastrophe insurance system in China has yet to have a larger breakthrough, and the international insurers on this to the developed markets in China are interested in. Other than on the adjustment of catastrophe models concern, at yesterday's Forum, the experts have also been mentioned more Japan earthquake of March 11. Beijing Normal University and Japan Waseda University Professor CharlesScawthorn analysis in Japan when the earthquake also pointed out that much larger than the earthquake damage caused by the tsunami. Expected Japan caused by the earthquake will hit $ 300 billion in direct economic losses, including damage caused by the interruption of business, or will be up to US $ 600 billion. Mitsui Sumitomo marine and fire insurance company and insurance department head of the overseas property ShiroOzawa noted, modeling company did not really reflect Japan's actual loss, as modeling companies not involved in the tsunami of data loss. In fact, currently Japan main losses are caused by the tsunami. He believes that private insurance companies, residential insurance losses projected at 970 billion yen (12 billion dollars), the mutual insurance company's total loss is expected up to 785 billion yen (US $ 9.7 billion). In Japan, Government support of private insurance companies, 2 trillion yen of the funds. Residential insurance losses at 1 trillion yen, and has no impact on its. It was also, at present, Mitsui Sumitomo marine and fire insurance company in Japan about the earthquake claims involved in share 20%. ShiroOzawa pointed out that Japan earthquake reinsurance market is in a dilemma. Because when the earthquake is at a renewal period, this period, the insurance company will remain part of policy, part then ceded to reinsurers, and when the earthquake happened, renewal hasn't begun.