Picture: Meeting between VINARE and Vietnam Institute of Geodesy and Cartography (VIGAC)

In recent decades, natural disasters are becoming more damaging and with change in climate apparently increasing in frequency. Year 2011 experienced a series of disasters such as tsunami in Japan, the historical flood in Thailand and the earthquake in New Zealand; Sandy hurricane in USA and Son Tinh storm in Vietnam occurred in 2012 in the same period of time of a week and illustrated the significant physical damage potential.

Vietnam National Reinsurance Corporation (VINARE) has engaged in many activitities to study, research and develop Nat Cat solutions. This is also the direction provided by Deputy Prime Minister Vu Van Ninh and the Ministry of Finance (MOF) to assign VINARE to work with related parties to propose to the government appropriate and effective options for Disaster Risk Management and Financing.

With the objective to develop a natural catastrophe simulation model as a basis to discuss solutions with the MOF and the market, VINARE has arranged meetings with Vietnamese scientific institutions and research centers to collect required information from local data providers.

In particular, VINARE has discussed with Vietnam Institute of Geodesy and Cartography (VIGAC) on issues of Vientam’s topography, geology, land use and land cover. (see picture). VINARE has also had a meeting with National Center for Hydro-Meteorological Forecasting (NCHMF), which directly manages more than 200 hydrorological and weather stations in all cities and provinces and updates data and figures on river networks, hydrological basins and other historical weather time series. Moreover, VINARE has discussed with Disaster Management Center (DMC), Ministry of Agriculture and Rural Development on economic losses caused by floods and storms as well as the ability to manage and mitigate nat cat losses for the economy.

In the context of information exchange and looking for cooperation opportunity, VINARE has achieved preliminary positive results enhancing our capacity in nat cat risks assessment and in the development of suitable (re)insurance solutions.