11.30.12

Lloyd’s of London, the world’s largest insurance company, has warned that the world may not be able to afford another year like 2011, when natural disasters such as the earthquake and tsunami in Japan and the floods in Thailand caused $4.6 trillion dollars of damage to infrastructure, homes, and businesses, and which resulted in the largest disaster claims ever.  Lloyds is made up of eighty-seven insurance syndicates that conducts business between brokers and underwriters. 

China, Poland, Thailand, Columbia, Mexico, and Saudi Arabia are just a few of the countries that Lloyds has identified as being under-insured against natural disasters.

China shares the largest of the global insurance shortfall. The country insured just 1.4 percent of losses from natural disasters between 2004 and 2011. Damage from the 2008 Sichuan Earthquake was estimated at $125 billion, but only 0.3 percent was covered by insurance, which left China to cover almost the entire bill. 

And remember China boasts being the world's largest holder of foreign exchange reserves, which currently stand at a record $3.44 trillion.

And who is most at risk?

08.17.11

A report on the costs of natural disasters, titled The Natural Hazard Risk Atlas 2011 published by Maplecroft, found that while the United States and Japan face the most economic costs as a result of natural disasters, developing countries lack the economic robustness and infrastructure to quickly recover.

“The emerging economies, lack the socio-economic resilience to limit their disaster risk,” said Alyson Warhurst, the CEO of Maplecroft. 

The study ranked 196 countries based on their economic exposure to earthquakes, tsunamis, volcanoes, and other natural disasters. The report factored in economic robustness, strength of governance, infrastructure, disaster preparedness and building regulations and found that China, India, the Phillipines, and Indonesia were in the “high risk” category, while the United States and Japan were “low risks.”

In addition, seventeen countries, mostly in Africa, were considered at “extreme risk.”

06.21.13

Haze from fires originating in Indonesia, have blanketed Singapore for several days and could persist for weeks or longer, shattering records set in 1997, in one of Southeast Asia's worst air-pollution crises.

The heavy smog is raising diplomatic tensions and concerns about the economic impact between the governments.

The cost of the haze for Singapore could reach into the hundreds of millions of dollars.

06.25.13

Severe Monsoon flooding has left more than 50,000 people in Northern India homeless, with more than 1,000 lives lost in the past week.

And another place whose economy hasn't suffered much-

06.21.13

Heavy spring floods have engulfed communities in Manitoba, Saskatchewan, Ontario and Quebec, washing out roads and highways, threatening homes and prompting evacuations.

Rivers fed by torrential mountain rains spilled onto southern Alberta Friday, turning Calgary streets into rivers.

 

The Anti-messiah coup is at the door

God Bless,

gail