All protection gap articles
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NewsTemperatures are rising and MENA’s protection gap leads the world – Swiss Re at GAIF34
2023 saw major earthquakes in Turkey and Morocco, severe thunderstorms and flooding in Saudi Arabia and the UAE, hailstorms in Jordan, a tropical cyclone in Oman, and a major flood in Libya.
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News2023 was a record year for billion-dollar cats and the protection gap got worse – Aon
The protection gap deteriorated to 69% last year, from 58% in 2022, with insurance covering the cost of $118bn of $380bn in economic losses.
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NewsIndia’s insurance sector to lead G20 growth, says Swiss Re Institute
Swiss Re forecasts 7.1% growth for the Indian insurance industry between 2024 and 2028, well above advanced or emerging market averages.
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NewsInsurance Development Forum provides Disaster Risk Reduction Task Force update
The task force has three areas of focus, according to the public-private partnership between the insurance industry and the UN, World Bank and other NGOs.
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NewsDisaster financing report shows just 2.7% of $71bn in crisis financing was pre-arranged
Addressing the protection gap, only $1.9bn of $71bn in international crisis financing that was used for pre-arranged finance in 2021, according to a study by the Centre for Disaster Protection.
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NewsFirst half catastrophes “much higher than the 10-year average” – Munich Re
Earthquakes, thunderstorms and floods led the natural disaster figures for the first half of 2023.
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NewsFirst quarter nat cat economic loss the highest in 12 years – Gallagher Re
Reinsurance broker Gallagher Re said its estimate of $22bn in insured natural catastrophe losses for the quarter showcase “a significant protection gap”.
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NewsMozambique gains parametric cyclone solution
Africa Specialty Risks is lead reinsurer in the $35m placement for Africa’s second most disaster prone country
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NewsGlobal nat cat losses surpassed $313 billion in 2022 - Aon
$132 billion was covered by insurance, revealing a 58% ‘protection gap’; Hurricane Ian was the most costly event of the year
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NewsCalifornia floods highlight need for “robust private market” - AM Best
Many homes covered by the NFIP would benefit from an excess policy above the NFIP coverage limit
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NewsHurricane Ian drives 2022 nat cat losses to $115 billion
Ian is the second-costliest insured loss ever on sigma records after Hurricane Katrina in 2005 - Swiss Re Institute
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NewsNigeria gains parametric flood resilience scheme
Solution will pay out based on flood magnitude with funds targeted for immediate infrastructure reconstruction
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NewsRe/insurers providing $5.5 trillion a year in resilience protection
The Geneva Association sets out how the industry can do more to promote social sustainability and close protection gaps
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NewsThree ways of increasing cyber insurability - sigma
There is currently a protection gap of around 90% due to the uncertain nature of systemic risk
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NewsBaden Baden: Demand for reinsurance has never been stronger
The industry must rise to the challenges of our age, said industry leaders at the Baden Baden Reinsurance Symposium
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NewsRIMS calls for long-term extension of NFIP
As Florida reels from Hurricane Ian, the US flood insurance program receives a brief reprieve
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NewsWTW appoints Conway to head Ecosystem Resilience practice
She was Lead Climate Finance Negotiator for the US delegation to the UN Framework Convention on Climate Change
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NewsH1 nat cat losses reach $65 billion - Munich Re
The US led the loss tally with almost half of overall economic losses in the first six months of 2022, and nearly two thirds of insurance losses
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NewsLloyd’s MGA Aura launches parametric solution for the Caribbean
Pay-outs are based on the hurricane category that intersects the insured’s radius location (typically 40 miles)
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NewsEarth observation data: A new frontier
How satellites tracking natural catastrophes from space are an important source of data for innovative re/insurers
