Kathmandu. The recent devastating earthquake in Myanmar has highlighted the urgent need for insurance in the Asia Pacific region.
Howden Riley has issued a press release highlighting the need for insurance in the Asia Pacific region. Andy Souter, Head of Asia Pacific at Howden Riley, expressed concern that the Myanmar earthquake caused significant human and material losses. “We saw a huge security gap there,” he said, “which shows that there is a huge need for insurance in emerging markets.”
Myanmar has been hit by several major earthquakes. The quakes were felt for an area of about 1,200 km. Howden Riley reported that earthquakes of magnitude 7.3 or higher occurred there in 1931 and 1946.
The Howden Riley report noted that Myanmar has very little insurance coverage and that buildings in earthquake-affected areas are not earthquake-resistant.
In Thailand, earthquakes are less likely to occur than typhoons and floods. However, it is impossible to predict when natural disasters will occur.
Similarly, Bangkok has many high-value buildings. If an earthquake occurs, there is a possibility of significant loss of life and property, Howden Riley pointed out. In Thailand, 10 out of 76 provinces have been placed at risk of earthquakes.
Nepal has also been experiencing earthquakes recently. After the recent Jajarkot earthquake, the need for insurance has been felt in Nepal as well.
