Insurance, in the context of broader disaster risk management strategies, can increase community resilience and reduce recovery times when disaster strikes. Total economic losses to property and infrastructure from natural disasters averaged around USD 180 billion annually in the last decade, 70% of which are uninsured. Asian low and middle-income countries, in particular, have disproportionately low insurance coverage despite high susceptibility to natural disasters.<\/p>\n\n\n\n
Understanding risk is critical for the management of extreme events and natural disasters. Yet high quality catastrophe risk models to assess and price the severity and probability of loss from climate-related risk are not readily available or adequately developed in Asian low and middle-income countries. Key barriers include the cost of model development and maintenance, lack of standardized hazard, exposure, and vulnerability data, and the difficulty in accessing locally available data and specialized knowledge. Under-developed insurance markets also inhibit demand for these products.<\/p>\n\n\n\n
By providing access to transparent and standardized analytics, the Oasis Platform aims to improve understanding and management of climate-related risks, thereby facilitating investments in insurance and\/or risk reduction.<\/em><\/p>\n\n\n\n