DW Simpson
11-14-2006, 03:02 PM
http://mobile.businessinsurance.com/smartphone/go.php?newsId=8806
Insurers eye opportunities in developing nations
Posted on Nov. 13, 2006 12:23 PM CST
NAIROBI, Kenya (Reuters)—Insurers can win new customers and help encourage adaptation to global warming by creating climate change instruments for developing nations, a major United Nations conference in Kenya heard Monday.
In March, the U.N. signed the world's first insurance deal for humanitarian emergencies with French insurer AXA Re to cover Ethiopia in the case of devastating drought.
The $930,000 policy would pay out more than $7 million to Ethiopian farmers if rainfall drops below a certain level during harvest season.
"There is a lot of noise about this now (from insurance companies) because they want to get new clients in new markets... India and China are very promising," said Thomas Loster, chairman of the Munich Re Foundation.
In April, Jeffrey Sachs, an architect of the U.N. Millennium Development Goals for easing world poverty, urged countries plagued by natural disasters to take out insurance policies rather than hope for humanitarian aid.
More...
Insurers eye opportunities in developing nations
Posted on Nov. 13, 2006 12:23 PM CST
NAIROBI, Kenya (Reuters)—Insurers can win new customers and help encourage adaptation to global warming by creating climate change instruments for developing nations, a major United Nations conference in Kenya heard Monday.
In March, the U.N. signed the world's first insurance deal for humanitarian emergencies with French insurer AXA Re to cover Ethiopia in the case of devastating drought.
The $930,000 policy would pay out more than $7 million to Ethiopian farmers if rainfall drops below a certain level during harvest season.
"There is a lot of noise about this now (from insurance companies) because they want to get new clients in new markets... India and China are very promising," said Thomas Loster, chairman of the Munich Re Foundation.
In April, Jeffrey Sachs, an architect of the U.N. Millennium Development Goals for easing world poverty, urged countries plagued by natural disasters to take out insurance policies rather than hope for humanitarian aid.
More...