insurance protection gap News

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 …

Bank of England Warns Private Insurers Need Government to Help Narrow Protection Gap

The Bank of England has encouraged the government to work with UK insurers in preparation for future major shocks, rather than leave swathes of the economy exposed to catastrophic losses. The danger of a “protection gap” is emerging as firms …

AXA’s Wattez-Richard Receives 1st Geneva Association Women-in-Insurance Award

The first annual Geneva Association Women in Insurance Award has been presented to Garance Wattez-Richard, CEO of AXA Emerging Customers, for her work in tackling the insurance protection gap and protecting underserved populations in emerging markets. Wattez-Richard founded AXA’s Emerging …

Willis Research Network Partners with ‘Cloud to Street’ to Raise Flood Resilience

The Willis Research Network (WRN) has formed a new partnership with “Cloud to Street,” a global flood-mapping and monitoring platform that aims to help governments, humanitarian organizations and private sector actors increase resilience to catastrophic flooding. The partnership will leverage …

Earthquake Hits Croatia, a Month After Another Tremor Causes Damages of $6B

An earthquake rattled Croatia’s capital, a month after a stronger tremor left Zagreb in need of $6 billion for renovation, adding to a growing list of costs as the European Union battles the coronavirus. The 3.5-magnitude temblor on Thursday was …

UK Insurers Could See Underwriting Losses After Storms Ciara, Dennis: Fitch

Losses from storms Ciara and Dennis, which brought strong winds, torrential rain and widespread flooding to the UK, will increase pressure on UK household insurers’ profits in 2020, said Fitch Ratings. While the claims are unlikely to exceed £500 million …