(Reuters) – Flood insurance can be made more widely available and affordable by using lessons learned from recent disasters to minimize physical risks and making greater use of insurance-linked securities to offset financial risk, Swiss Re said.
The industry should also team up with government agencies to help provide suitable flood protection, the world's second-biggest reinsurer said on Thursday.
“Insurers cannot do it alone,” Swiss Re said.
Last year's Thai floods will cost the insurance industry $15-$20 billion – with the Lloyd's of London insurance market alone taking a $2.2 billion hit, the third-biggest loss in its 324-year history.
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