$100B Global Insurance Gap Due To Climate Risks

The rising impact of climate risks has resulted in a US$100 billion “protection gap” in the global insurance sector, according to a group of major industry players. ClimateWise, a global network of leading re/insurers, brokers and industry service providers, warned that the gap of uninsured or under-insured assets had increased fourfold over the past 30 years. Tom Herbstein, ClimateWise programme manager, told the BBC that the protection gap was the difference between total economic loss and the value of insured assets.