Natural-Disaster Insurance Gap Now Exceeds $420B Globally
6 Articles
6 Articles
Natural-Disaster Insurance Gap Now Exceeds $420 Billion Globally
Natural-disaster insurance gap now exceeds $420B globally
While insurance coverage has broadly kept pace with rising catastrophe exposure, the protection gap — in absolute terms — has gone up as the value of exposed assets has grown, the Swiss Re Institute said on Wednesday.
Climate change, inflation and unstoppable urbanization drive the costs of earthquakes, hurricanes and forest fires to astronomical heights worldwide. However, while the damage is rising rapidly, the insurance industry is withdrawing from the extreme risk areas. According to Swiss Re Institute, the result is a gigantic, unsecured financial gap of $424 billion. In the case of insured disaster damage, the experts expect a doubling by 2030. Swiss Re…
Adaptation projects essential for narrowing global nat cat protection gap: Swiss Re
A new report from Swiss Re has suggested that the rising value of natural catastrophe-exposed assets, and the resulting increase in the absolute protection gap, continues to pose resilience risks, even though insurance cover has broadly kept pace with rapidly growing exposures, highlighting the need for targeted adaptation projects that reduce expected losses, lower physical vulnerability, support insurability and improve the economics of risk t…
Coverage Details
Bias Distribution
- 100% of the sources lean Left
Factuality
To view factuality data please Upgrade to Premium




