Kathmandu. In the Asia-Pacific region, despite billions of dollars in damage from natural disasters, insured assets have been found to be very low.
Natural disasters, including fires, hurricanes and earthquakes, caused property losses worth billions of dollars in the first quarter of 2025 in countries in the Asia-Pacific region, according to a report released by AON. However, the insured assets are very low, the report said.
In 2024, natural disasters caused $74 billion in economic losses in countries in the Asia-Pacific region. However, the insured assets were only $ 4 billion. In the year 2024, floods, Typhoon Yagi and Noto Peninsula earthquake caused huge loss of life and property.
In the first quarter of 2025, there have been many fires in South Korea and Japan. In South Korea alone, 31 people have been killed and 49 injured in fires. More than 7,700 structures have been destroyed in the fire. According to AON, the fires caused an estimated $1 billion in damage.
Similarly, a devastating earthquake in Myanmar in March has caused billions of dollars of property damage. However, most of these properties were found to be out of insurance.
In 2024, natural disasters caused $368 billion in economic losses worldwide. However, only 54 percent of the total losses, or $ 145 billion, are covered under insurance.
The report pointed out the need to increase the coverage of insurance in the Asia-Pacific region. Because Asia Pacific is a region at high risk of natural disasters. – Agency
