insurance protection gap News

Yellen Says Extreme Weather Exposes Gaps in Insurance Protection

Treasury Secretary Janet Yellen said the weather-related havoc playing out across the US is exposing a “protection gap” for Americans seeking insurance against property losses. Yellen, who also chairs the Financial Stability Oversight Council, said that a spate of extreme …

Italy’s Insurance Protection Gap Exposes State Finances to Natural Disasters

Lamberto Mongardi, a farm owner in the northern Italian town of Lugo, was hit twice when torrential rain lashed the area last month: not only was much of his property washed away, but he also discovered his insurance cover excluded …

Pay-As-You-Go Cargo MGA Closing Insurance Protection Gap for Shippers

After many years working as a freight and logistics broker in the London market, Johnny McCord understood where the freight industry’s “pain points” were and thought technology and artificial intelligence (AI) could solve some of the underinsurance problems facing SMBs. …

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 …