New cars damaged by Japan's 11 March tsunami
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How disasters affect insurance

While insurance costs rise after natural disasters, with time competition will drive prices down again, says Aviva's Simon Machell

One industry that knows all about risk is the insurance sector. It has had to pay out billions of dollars in claims following last year's natural disasters in Japan, Australia and Thailand.

The BBC's Puneet Pal Singh spoke to Simon Machell, chief executive of insurer Aviva Asia Pacific and asked if the events of 2011 had changed the way they were doing business.