Wednesday, March 27, 2019

Cyclone Idai Highlights Insurance Needs and Opportunities in Developing Economies

When Cyclone Idai made landfall in the east African countries of Mozambique, Madagascar, Malawi, and Zimbabwe earlier this month, it claimed hundreds of lives, cut off electrical power to millions, damaged or destroyed schools, hospitals, and businesses, and drove innumerable families from their homes. Flooding nearly submerged Mozambique’s fourth-largest city, Beira, a port that serves as a gateway to inland areas of Mozambique, Zimbabwe, and Malawi. The damage is so severe and widespread that Idai ranks among the most devastating cyclones in history.