All protection gap articles
-
NewsAon, Swiss Re and Floodbase launch storm surge parametric partnership
Parametric solution bringing together the broker, re/insurer and parametric provider aims ‘to bolster US hurricane insurance protection’.
-
News‘Polycrisis’ presents insurers with ‘impactful’ opportunity – Axa UK & Ireland CEO
Plus, Aviva’s UKGI boss emphasises that insurers must ‘put our money where our mouths are’ when it comes to engaging on ‘collective goals’.
-
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.
-
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.
-
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.
-
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.
-
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.
-
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.
-
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”.
-
NewsMozambique gains parametric cyclone solution
Africa Specialty Risks is lead reinsurer in the $35m placement for Africa’s second most disaster prone country
-
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
-
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
-
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
-
NewsNigeria gains parametric flood resilience scheme
Solution will pay out based on flood magnitude with funds targeted for immediate infrastructure reconstruction
-
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
-
NewsThree ways of increasing cyber insurability - sigma
There is currently a protection gap of around 90% due to the uncertain nature of systemic risk
-
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
-
NewsRIMS calls for long-term extension of NFIP
As Florida reels from Hurricane Ian, the US flood insurance program receives a brief reprieve
-
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
-
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
