Watch for governments to transfer financial risk from natural disasters to insurers: Swiss Re
There is growing awareness that governments can transfer the financial risk of natural disasters to both insurance and capital markets, a Swiss Re expert observes.
In Asia, Africa, the United States and Britain, there are examples of national and sub-national governments considering ways to share their financial risks — from weather catastrophes to earthquakes — with the private sector, said Tobias Meier, a Washington, D.C.-based key account manager with Swiss Re’s public sector solutions team…
62 dead, 5 missing in Vietnam’s natural disasters
Natural disasters have left 62 people dead and five others missing in Vietnam’s northern and central regions over the past few days, the country’s Central Steering Committee for Natural Disaster Prevention and Control said on Saturday.
The fatalities, up five from Friday, were mainly reported in the provinces of Quang Tri, Thua Thien Hue and Quang Nam, according to the committee’s latest report.
As many as 924 hectares of rice fields and nearly 232,900 hectares of other croplands were submerged in the regions. Meanwhile, more than 461,600 cattle and poultry animals were killed or swept away, said the committee.
FEMA ends policy favoring flood walls over green protections
The Federal Emergency Management Agency has taken a dramatic step to encourage communities to use environmentally friendly features such as wetlands for flood protection instead of building sea walls and levees.
A new FEMA flood policy released late last month with no public announcement is drawing praise from environmentalists because it will promote mitigation projects that provide environmental benefits in addition to flood protection.
FEMA’s policy boosts the nationwide push for “nature-based” flood control such as wetlands, open space and reefs over traditional flood barriers that are built to contain rivers and coastal storm surge and can disrupt the natural environment…