$4.6 trillion at risk worldwide from disasters says Lloyds
New research shows that $4.6 trillion of GDP is at risk in 301 cities across the world from 18 man-made and natural disasters over a ten-year period. The report from Lloyds was carried out by the Cambridge Centre for Risk Studies at Britain’s University of Cambridge. Lloyds says the risk index is aimed at boosting discussions between insurers, governments and businesses.
Among the key findings:
- Emerging economies will shoulder two-thirds of risk related financial losses as a result of their accelerating economic growth, with their cities often highly exposed to single natural catastrophes.
- Manmade risks such as market crash, power outages and nuclear accidents are becoming increasingly significant, associated with almost half the total GDP at risk.
- New or emerging risks, such as cyber-attack, are also increasingly significant. Together, they account for more than a third of the total GDP at risk.
In New York 60 per cent of the risk is from a market crash, oil prices and cyber-attack. The city is the highest-risk in the US in dollar terms at $90.36 billion, LA is just behind at $90.32 billion, with Chicago in third place at $42.35 billion.
Canada’s highest risk in dollar terms is Toronto at U$15.76 billion, followed by Montreal at $9.51 billion and Vancouver at $6.15 billion.
Canadian insurers, medics establish standard for biologic drugs
Adult patients with rheumatoid arthritis with private health insurance plans will now be covered by a new national standard for access to biologic drugs. The standard has been established by a collaboration between the Canadian Life and Health Insurance Association, the Canadian Rheumatology Association and the Ontario Rheumatology Association.
"Canada's life and health insurers believe that the best way to help these patients is to have a common, clinically-based, best-practice standard for access to biologic drugs," notes Stephen Frank, Vice-President of Policy Development and Health of the Canadian Life and Health Insurance Association.
Is it time for all cars to be fitted with cameras?
Insurers in the UK are beginning to offer discounts to drivers who install dash-mounted cameras in order to help establish the cause of accidents. Two of the country’s largest insurers Swiftcover and
AXA are offering the discounts with more expected to follow. With ‘dash-cams’ costing as little as $75 the 15 per cent savings on premiums is proving popular.
