Cyclone Nargis, which caused massive destruction and 15,000 reported deaths in Myanmar, caused little in the way of insured losses, a catastrophe modeling firm said.
Domenico del Re, senior model manager at Newark, Calif.-based Risk Management Solutions, said, “This event is a massive humanitarian disaster. However, it is a catastrophe that the international insurance industry has escaped.”
Mr. del Re explained, “Insurance is greatly underdeveloped in Myanmar, with no international insurance brokers operating in the area and non-life premiums of barely $5 million in 2004.”
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