Global reinsurer Swiss Re has urged governments to appoint “national risk officers” to help close the gap between economic and insured losses when disaster strikes.

Swiss Re CRO Raj Singh last week told the Nordic Risk & Insurance Summit that climate change is likely to increase the risk faced by insurers, business, governments and the public.

Swiss Re recommends governments react by appointing country risk officers to co-ordinate risk assessment and mitigation activities, and act as a focal point for tackling risk.

“The country risk officer can interface as needed with the private sector, not only to exchange knowledge about risks, but in taking steps to transfer risk to the insurance industry and capital markets on a commercial footing,” he said.

According to Swiss Re figures insurance covers only a fraction of total losses from natural catastrophes.

They show that global disasters caused $US259 billion ($308 billion) in total losses in 2008, with just $US44.7 billion ($53.2 billion) covered by insurance.