insurance protection gap News

Cash-Strapped Papua New Guinea Gov’t Struggles to Help Desperate Quake Survivors

Almost a month after a deadly earthquake, Papua New Guinea is struggling to get aid to desperate survivors, having allocated just a fraction of its relief funds, while a rent dispute left disaster officials briefly locked out of their offices. …

Climate Change Worsens Effects of Natural Disasters, Costing Farmers Billions of Dollars

Natural disasters from droughts to floods are costing farmers in poorer countries billions of dollars a year in lost crops and livestock, and it’s getting worse thanks to climate change. Agricultural losses from weather events in developing nations totaled $96 …

WTW’s New Global Ecosystem Resilience Facility Provides Finance, Risk Mgmt Solutions

Willis Towers Watson, the London-based advisory, broking and solutions company, has developed the Global Ecosystem Resilience Facility (GERF), which it describes as the first global insurance facility to provide finance and risk management solutions to build the resilience of ecosystems …

UK Invests in Natural Disaster Hedge Fund Focused on Insurance for Developing Nations

Britain is backing a hedge fund that aims to raise $200 million to give developing countries access to climate risk insurance. Britain’s Department for International Development (DFID) is investing 25 million pounds ($35 million) over a 20-year period in the …

Aon Securities Structures Largest-Ever Earthquake Catastrophe Bond for World Bank

Aon Securities, the investment banking division of reinsurance intermediary and capital adviser Aon Benfield, has assisted the World Bank in structuring the largest-ever catastrophe bond covering earthquake, which provides the organization with US$1.36 billion of capital markets’ protection. The bond …

India Flags Low Health Insurance Penetration as Damper to Growth

India’s push toward universal health care has Prime Minister Narendra Modi’s political opponents worried, a top government adviser said. Modi’s government announced a plan last week to provide health insurance to 100 million poor families, which would cover about 40 …

Microinsurer BIMA Aims to Close Developing Nations’ Protection Gap with Life & Health Cover

The insurance protection gap in developing nations is being filled by a growing group of microinsurers, which provide coverage that ranges from life and health insurance, to crop insurance, to property protection after natural disasters. It is all aimed to …

Insurance Protection Gap Is Growing Global Problem; Swiss Re, RenRe & WTW Comment

The insurance protection gap. It’s a phrase that will be increasingly heard over the coming years – because it is getting bigger. The protection gap is the difference between insured losses and economic losses, or uninsured losses. The protection gap …

Alternative Capital Responds to 2017 Catastrophes with ‘Show of Strength’: Aon Benfield

Hurricanes Harvey, Irma and Maria represented the first real test of the staying power of the alternative capital sector, which has responded with a show of strength by continuing to fund reinsurance capacity, according to a report published by Aon …

Parametric Insurance Can Help Close Global Protection Gap: Clyde & Co. Report

Parametric insurance can play a significant role in closing the insurance protection gap – a problem that plagues economies in both the developing and developed world, according to a report published by Clyde & Co. The protection gap is the …