NewsWhore
08-30-2012, 01:40 PM
Speaking at the American Chamber of Commerce monthly luncheon, Helena Perez, an executive for the Swiss company, Corporate Solutions, a world reinsurance company, has confirmed that the Dominican Republic should have contingency funds to pay for the damage caused by natural disasters, and that in the last 28 years they have cost the country US$3.3 billion, of which only 22.8% was insured.
She said that in 1979, with Hurricane David, the losses reached US$900 million, of which only 14% was insured, while in 1998 with Hurricane George the figure was US$2,150 million and only 28% was insured.
In 2007 Tropical storms Noel and Olga caused losses of US$261 million, and in that case only 10% was covered by insurance.
During her speech Perez outlined the process of administrating catastrophic risks based on four steps: identify, evaluate, control and transfer and said that it was necessary to identify the risks the country was exposed to, such as natural disasters, fire, business interruption, and damage to physical goods. In second place then there had to be an evaluation of how to respond to them, when and where we were exposed and then we could proceed to control them.
She said that the risk administrators should improve their knowledge of exposure to catastrophes in order to ensure that there was sufficient insurance coverage, using technical support and the tools available, such as risk engineers reports and the use of models as well as specialist assessors in the insurance industry.
www.elnuevodiario.com.do/app/article.aspx?id=300260 (http://www.elnuevodiario.com.do/app/article.aspx?id=300260)
More... (http://www.dr1.com/index.html#9)
She said that in 1979, with Hurricane David, the losses reached US$900 million, of which only 14% was insured, while in 1998 with Hurricane George the figure was US$2,150 million and only 28% was insured.
In 2007 Tropical storms Noel and Olga caused losses of US$261 million, and in that case only 10% was covered by insurance.
During her speech Perez outlined the process of administrating catastrophic risks based on four steps: identify, evaluate, control and transfer and said that it was necessary to identify the risks the country was exposed to, such as natural disasters, fire, business interruption, and damage to physical goods. In second place then there had to be an evaluation of how to respond to them, when and where we were exposed and then we could proceed to control them.
She said that the risk administrators should improve their knowledge of exposure to catastrophes in order to ensure that there was sufficient insurance coverage, using technical support and the tools available, such as risk engineers reports and the use of models as well as specialist assessors in the insurance industry.
www.elnuevodiario.com.do/app/article.aspx?id=300260 (http://www.elnuevodiario.com.do/app/article.aspx?id=300260)
More... (http://www.dr1.com/index.html#9)