The sheer speed and scale of Asia’s demographic transition will deprive the region of one of the main drivers of its past economic success.
Arup Kumar Chatterjee
With over two decades of experience in this area, Arup is responsible in his current role for leading financial sector development initiatives in the areas of insurance, private pensions and contractual savings, and financial inclusion. Previously, he worked at the Bank for International Settlements in Basel, Switzerland, and the Insurance Regulatory and Development Authority in his native India.
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Insurance is often viewed as a product of the sophisticated, capitalistic system of the West, and those who are outside this cultural group are less likely to value insurance protection. Asians, who rely on informal insurance such as a family network, are thus typically less focused on buying insurance.
After the recent catastrophe in Nepal, it’s time for homeowners in Asia and the Pacific to decide whether or not to purchase earthquake insurance. On one hand it could happen tomorrow, on the other it may not happen for another 80 years – so is it a gamble we are willing to take?
The new Sendai framework for disaster risk reduction supports risk transfer and insurance to reduce the financial impact of disasters on governments and societies, especially in vulnerable developing countries.
Universal health coverage not only protects the majority of the population from experiencing catastrophic financial loss as a result of high out-of-pocket costs, but also promotes better quality of services and greater health equity.