The insurance industry has a vital part in the long-term response to the Asian tsunami disaster, the International Underwriting Association (IUA) has said.
IUA chief executive Marie-Louise Rossi said greater cooperation between the industry and government could significantly mitigate both the economic and human costs of future natural catastrophes in the region.
Rossi said the industry responded to the World Trade Center attacks by establishing the NATO Forum for Business and Security. The forum brought together business leaders, scientists, intelligence analysts and politicians to examine new security solutions.
Rossi said its formation had proved that the forum was effective for initiating dialogue and partnerships between the state and the private sector.
She said: “It could provide a model for cooperation between governments, intergovernmental institutions and business in developing and improving tsunami early warning systems.
“Insurers also have a vital role to play in helping to develop further local and regional financial services markets that can offer effective economic security against future catastrophes.”
