Insurers must prepare for climate change, says Zeti

Zeti Akhtar Aziz at Bank Negara Malaysia

Zeti Akhtar Aziz, governor of Bank Negara Malaysia, on October 30 identified climate change as the major challenge to Asia's insurance industry.

Speaking at an insurance congress in Kuala Lumpur, Zeti said Asia accounts for 70% of the $380 billion global economic losses from natural disasters – only a quarter of which were insured – and this exposure was set to increase. The governor urged insurance companies to adapt.

Risk management systems in particular, she said, need to be able to capture

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