How reinsurance can help resolve the protection gap
In this IIL reinsurance lecture Moses Ojeisekhoba reasoned that as the Protection Gap reaches a premium potential of USD 800 billion globally, the re/insurance industry needs to stand together, building partnerships and leveraging technology to extend insurance coverage to more people.
Moses explained that by closing the large global natural catastrophe protection gap that exists around the world can be a win for communities everywhere, but also for our industry. Moses provided some interesting figures such as over the last decade global natural catastrophe losses totaled USD 2 trillion, 70% of which was uninsured according to Swiss Re Institute estimates. The protection gap persists in emerging, as well as in advanced markets, and across all lines of business. And with global estimated premium potential of USD 800 billion, it would benefit our industry to address this issue. Technology and public/private partnerships are presenting us with the opportunity to do so, but will we seize this opportunity?
By the end of this lecture members would have gained an insight into:
- What does the Global Protection Gap look like in numbers?
- What are the main drivers for the protection gap?
- How technology and partnerships can support to close the protection gap
Adrian Wentworth-Stanley, Executive Director, Willis Re.
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