insurance protection gap News

Floods Drive Economic Losses in 2021, but Only 25% of Risks Are Insured: Swiss Re

More than 50 severe flood events around the world caused combined economic losses of US$82 billion in 2021, while insured losses stood at slightly more than US$20 billion – more evidence of a large ongoing global insurance protection gap of …

How Cloud Downtime Insurance Became a Thing

A single hour of downtime from mission-critical, third-party IT service providers can cost small and medium-sized enterprises tens of thousands of dollars, but traditional insurance often does not cover these significant losses. That’s why the founders of Parametrix Insurance came …

Re/Insurance Cyber Rates Could Double Before 2023, as Attacks Skyrocket: S&P

The pandemic caused economic and insured losses from cyber attacks to skyrocket, which has heightened awareness of the risk and increased demand for cyber re/insurance, according to a report published by S&P Global Ratings. “The trend toward digitalization will inevitably …

UN Launches Disaster Insurance Program for Developing Countries

The United Nations Development Programme has launched an initiative to help governments and the private sector in developing countries provide insurance for crises such as pandemics and natural catastrophes, it said on Monday. Disaster recovery costs the world’s 77 poorest …

Germany’s Floods Will See ‘Sizable’ Protection Gap. Could Insurance Demand Increase?

With an insured price tag of €4 billion to €5 billion (US$4.7 billion to $5.9 billion), economic losses from Germany’s recent floods are likely to be significantly higher, which highlights a sizable insurance “protection gap.” This protection gap – or …

Canada Faces Mega-Hurricanes if Climate Change Pushes Storms North: Swiss Re Warns

Climate change is making hurricanes bigger and stronger, and it may soon push them farther north. Yet Canada’s homeowners, businesses and insurers underestimate that escalating risk, according to one of the world’s leading reinsurance firms. Overall, the northern nation has …

Nearly Two-Thirds of Global Catastrophe Economic Losses Unaddressed by Insurance

There were 416 natural catastrophe events globally in 2020 that resulted in economic losses of $268 billion – 8% above the average annual losses for this century, according to insurance broker Aon’s latest catastrophe loss report. Of this total, private …

RenaissanceRe Creates Environmental, Social and Governance (ESG) Strategic Areas

RenaissanceRe Holdings Ltd. has announced three strategic focus areas as part of its Environmental, Social and Governance (ESG) strategy: Promoting Climate Resilience; Closing the Protection Gap; and Inducing Positive Societal Change. More information can be found on RenaissanceRe’s new ESG …

It Would Take P/C Insurers 150 Years to Pay COVID-19 Business Interruption Losses

The world’s property/casualty insurers would have to collect business interruption insurance premiums for 150 years in order to absorb the estimated US$4.5 trillion global output loss inflicted by COVID-19 and its handling in 2020. P/C insurers currently collect US$1.6 trillion …

MGA New Paradigm Aims to Bridge the Natural Catastrophe Protection Gap

Evan Glassman saw a gap in the property insurance market—literally. Glassman, working as a retail producer in south Florida for most of his career, realized that the insurance industry’s products were not fully addressing the needs of commercial property insurance …