A.M. Best has released a new briefing that explores the impact on the insurance industry of the devastating earthquake that struck Nepal on April 25, 2015. Although the 7.8-magnitude quake has already brought significant economic and human losses, insured costs are expected to stay at a minimal fraction of total economic losses due to low insurance penetration in the area.
Looking at the effect from a global perspective, the Best’s Briefing, titled, “Nepal Earthquake’s Impact to Be Minimal on Global Reinsurers, But Substantial for Local Sector,” states this event is not expected to have a major impact on the current reinsurance market. However, on a local level, the event is expected to have an adverse impact on local or some regional players, due to the significant cost from property and motor losses.
For a full complimentary copy of this briefing, please click below:
A.M. Best Briefing: Nepal Earthquake
Dr. Edem Kuenyehia