Moving Target:

In today’s volatile world, natural catastrophes (NatCats) are becoming bigger, more frequent, and more devastating than ever before. As the vibrant global financial hub of Asia, Hong Kong is no exception to this alarming trend. In 2023, the city was struck by Typhoon Saola, a “once-in-500-years” event that triggered a staggering HK$1.54 billion in claims from 104 general insurers – the second-highest on record, as reported by SCMP. Risk managers would agree that these amounts do not reflect the actual losses to the business, not counting the income dissipated from the interruption of operations. Bouncing back from such events require an effective combination of BCP & disaster risk mitigation and risk financing strategies.

In this gathering of PARIMA Members in Hong Kong, we will be opening the floor for peer brainstorming with seasoned risk professionals sitting on the panel for an exchange of ideas on best practices for an offensive against NatCat risks. This will preceded by a presentation on how an insurance company does their own NatCat modelling and how this can go hand-in-hand with disaster planning and traditional insurance. Attendees are also invited to a networking session afterwards.