The insurance protection gap

This video features another session of the day at our Artemis ILS Asia 2023 conference, held in Singapore on July 13th 2023, a keynote speech by Yusuke Kikuchi, Managing Director at Aon Securities (Japan) on catastrophe bond and insurance-linked securities (ILS) activity in the Asia Pacific region.

If the insurance and reinsurance industry is to truly narrow and ultimately close protection gaps, the upsurge in demand for cover that would result from this means the capital markets have a key role to play, Christian Mumenthaler, the CEO of global reinsurer Swiss Re told us recently.

The market for catastrophe risks could double by 2040, with continued growth expected over the coming years, according to SCOR CEO Thierry Léger, but he also cautioned that the industry must work to address the current insurability challenge, especially in relation to climate change.

Christian Mumenthaler, the CEO of global reinsurance giant Swiss Re joined us for an interview recently and explained that he believes the hard market in reinsurance will be sustained, at least for a few years.

The gap between natural catastrophe exposure and how much of it is covered by insurance has widened in dollar terms, with the natural catastrophe protection gap now seen to be $368 billion by global reinsurance firm Swiss Re, who also says that catastrophe bonds and resilience bonds are valuable tools to deploy.

Gianfranco Lot, Chief Underwriting Officer (CUO) of P&C Reinsurance at Swiss Re, has highlighted the importance of the insurance-linked securities (ILS) market in helping to close the protection gap, noting that the sector is evolving in a positive manner. Speaking recently during reinsurance giant Swiss Re’s 2023 Media Dialogue, Lot commented on the role of […]

The Global Shield Solutions Platform (GSSP), a new multi-donor grant facility and one of the core financing vehicles of the Global Shield, has officially been launched to help vulnerable countries effectively address loss and damage exacerbated by climate change.

Broker WTW said today that the innovative parametric hurricane insurance program to protect the Mesoamerican coral reef has been expanded again, with AXA Climate as the sole capacity provider and a refined parametric trigger structure utilised this year.

The economic losses and cost associated with the ongoing severe flooding event in Europe that has particularly affected the Emilia-Romagna Region of Italy is expected to be significant, rising into the billions of Euros, but the insured losses will be lower as a “significant protection gap” for flood risk persists, broker Aon has said.

The innovative parametric insurance product that provides a form of protection to fund repairs following storm damage to coral reefs has now been taken up in Hawaii, with a policy provided by global reinsurance giant Munich Re, according to arranger WTW.