Editing IPCC:AR6/WGII/Chapter-10 (section)

==== 10.5.5.3 Knowledge Gaps ====

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Despite these developments, several issues still seem to hinder the penetration of insurance in Asia. Issues such as lack of sufficient choices, lack of clear model, lack of legal support, limited or absence of proper monitoring and evaluation, and limited data for underwriters to properly evaluate claims have been suggested ( [[#Nguyen--2019|Nguyen and Jolly, 2019]] ). Low interest among the potential buyers due to unaffordable insurance premiums, lack of provision for partial-loss claim settlement, big hassles in the claim settlement process and lack of timely settlement of claims are reported ( [[#Parappurathu--2017|Parappurathu et al., 2017]] ). In addition, insurance has been reported to have expanded the coverage of cash crops at the expense of drought-resistant subsistence crops with effects on natural capital and a potential increase in farmer’s vulnerability to market price fluctuations ( [[#Müller--2017|Müller et al., 2017]] ).

Regional catastrophic insurance pools have also received attention in Asia. With the formation of Southeast Asia Disaster Risk Insurance Facility ( [[#Haraguchi--2019|Haraguchi and Lall, 2019]] ), the regional insurance pool has been introduced in Southeast Asia, initially being piloted in Lao PDR and Myanmar and to be expanded to the rest of the ASEAN region. Regional catastrophic insurance allows vulnerable countries to buffer climatic shocks by diversifying the risks beyond country boundaries.

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