Published on: 04-May-2016
Nanyang Technological University (NTU Singapore) is spearheading an alliance of leading multinational and regional companies in the insurance industry to enable more countries in Asia to better cope with the economic and financial fallout from natural disasters.
Natural Catastrophe Data and Analytics Exchange (NatCatDAX) Alliance, launched at the 7th International Symposium on Catastrophe Risk Management organised by NTU, will be an industry-led catastrophe data and analytics platform for Asia. It will generate a rigorous database by tapping into national and industry data. Such high quality data, market analytics and product innovations are currently lacking in the region.
Helmed by NTU’s Institute of Catastrophe Risk Management, the Alliance is a partnership with Aon-Benfield, Mitsui Sumitomo Insurance Group, RenaissanceRe, Risk Management Solutions and PERILS AG, with support by the Monetary Authority of Singapore (MAS).
Natural disasters disproportionately affect Asia in terms of economic losses and casualties. This could be attributed to low insurance penetration, low catastrophe risk awareness, and a lack of effective risk transfer mechanisms.
Data necessary for catastrophe risk quantification in Asia and Southeast Asia is also generally poor in terms of availability, accessibility and quality. With such a lack of data standards and updated catastrophe models, governments may have to bear the bulk of catastrophe costs.
The Alliance will work towards plugging such gaps by addressing shortfalls in data required for risk management and quantification in Asia, including Southeast Asia.
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