Page 38 - Insurance Times July 2019

CATASTROPHE

INSURANCE

COVERS: HAS

THE TIME FINALLY

COME?

ne look at the newspapers, any day, any country, The secondary impact is reflected on the need for
O and one notices that the news relating to some immediate restoration of communication, houses,
catastrophic event (Cat event) - whether
restoration of drinking water and food items In this regard,
manmade or natural - dominates the headlines. the animal carcasses require immediateremoval since the
Maybe there is a little bit of exaggeration here, but the chances of an epidemic hitting the affected area remain
fact of the matter is that the phenomena of 'cat events' high.
has become more pronounced than before and is here to
stay. The long term impact is the cause of concern for some of
us more than the others. It is the psychological impact
Let us look at the impact that these 'cat events' have on the which continues to give nightmares to people. A sense of
society and individual. insecurity takes over and invariably, cases of panic attack,
post traumatic stress disorders (PTSD) and sleep apnea and
The immediate impact of the 'cat event' is disruption of the sleep deprivation become common.
day to day life of people. Shortage of food, drinking water,
communication and destruction of property and life (both The statistics show that the Asian region has seen a
animals and human beings). dramatic rise in the 'cat events' in the last 3-4 decades
as compared to earlier times. The population of the world
has not shown any signs of receding and the effect on the
About the author
world resources is being observed as shortage of food,
Pratik Priyadarshi water and resources. And this is worrisome keeping in mind
Associate Professor that the world in general and the United Nations in
Birla Institute of Management Technology particular identify the following challenges for the next
Greater Noida ( UP)
generation:
38 The Insurance Times, July 2019