FOR IMMEDIATE RELEASE
New York Press Office: (212) 346-5500; firstname.lastname@example.org
NEW YORK, April 27, 2015 — Reporters covering the Nepal earthquake should call the Insurance Information Institute (I.I.I.) for insights, analysis and interviews on the insurance implications of the event.
Operating in one of the world’s poorest nations, Nepal’s insurers collected premiums equal to $277 million, in U.S. dollars (USD), in 2013, according to Axco Insurance Information Services, with the bulk of those monies going to life insurers ($175 million, USD), and the balance ($102 million, USD) paying for non-life coverages, such as auto and property insurance.
Axco placed Nepal’s non-life insurance market as the 128th largest in the world, ahead of Moldova and behind Netherlands Antilles, according to James Lynch, the I.I.I.’s chief actuary.
“That’s less than $3.50 per capita spent annually on property/casualty insurance,” Lynch said. “By contrast, Americans spend nearly $2,300 per person.”
In the 13 months before the 7.8 magnitude earthquake on Saturday, April 25, there were two deadly avalanches at Mount Everest. One occurred in April 2014 and killed 16 people. The other took place in October 2014 and led to more than 40 fatalities.
In addition to providing insurance-related information about this disaster, the I.I.I. has resources on issues related to earthquakes and insurance including:
THE I.I.I. IS A NONPROFIT, COMMUNICATIONS ORGANIZATION SUPPORTED BY THE INSURANCE INDUSTRY.
Insurance Information Institute, 110 William Street, New York, NY 10038; (212) 346-5500; www.iii.org